Corporate Social Responsibility Report 2010...Corporate Social Responsibility Report 2010 9 introduced to the market a new series of products entitled “Alpha Green Solutions”,

Corporate Social Responsibility Report 2010

ALPHA_NEW COVER ok.indd 102-103 07/07/2011 2:02

Our vision

To be the market leader in Southeastern

Europe.

Our objective

To provide high quality services and

pioneering products.

Our values

Quality at work.

Quality in communicating.

Meritocracy. Moral standards. Creativity.

Corporate Social Responsibility Report 2010 3

Contents

Message from the Chairman 5

Corporate Governance and Policies 7

Long-term Policies and Commitment

A course of continuous effort and affirmation of our principles

Commitments and Priorities

Sustainable Investment and Banking Products

Active support to businesses

Awards

Corporate Governance

Together in Dialogue and Cooperation 15

Stakeholders

Dialogue and cooperation in action

Together in the Economy 21

Robust capital adequacy

Support of our Customers

Support of households

Support of businesses

Results in 2010

Together in the Market 27

Our Customers’ trust

Access to financial services for all

Quality throughout

Effective response to customer complaints

International acclaim for the Bank

Innovative solutions

Responsible relationships with our Customers

Responsible products and services

Protection of our Customers from over-indebtedness

Responsible settilement of overdue claims

Communication and dialogue with our Customers

Transparency and security of banking transactions

Responsible Investments

Results in 2010

Together with our People 37

Ensuring employment

Constant evolution

Equal opportunities in the working environment

Health and Safety at Work

Dialogue and Employees' rights

Care for the Employees' welfare

Balance between personal and professional life

Results in 2010

Quantitative data

Together for the nvironment 47

Setting an example

Sustainable development

Ambitious targets and systematic monitoring

Our environmental footprint

Saving energy and water

Recycling of materials

“Green” supplies

Environmental action

Results in 2010

Quantitative data

Together for the Society 57

Partnerships and social contribution

Contributions with the participation of Employees

Support to education and young people

Support to culture and sports

Support to vulnerable groups

Protection of the environment

Alpha Bank Group Volunteer Day

Results in 2010

Methodology 65

Independent Limited Assurance Report 66

GRI Application Level Check Statement 68

GRI Table 69

Evaluation Form 77



Message from the Chairman

The effort undertaken by Greece related to the fiscal

adjustment and the economy’s recovery undoubtedly

presents a significant challenge to all and particularly

to the banking system. Within this context, guided by

its values and history, Alpha Bank has responsibly

contributed in every sense. Thanks to our robust

capital structure and the high quality of our portfolio,

certified by the results of the European stress tests

and acknowledged by the “Bank of the Year” for Greece

award in 2010 by the financial magazine “The Banker”,

we continue to create value for our Shareholders and

to support our four million Customers in Greece and

abroad.

As one of the largest banks in Greece and in

Southeastern Europe we acknowledge our

responsibility in contributing towards the achievement

of long-term economic and social growth. In this

context, supporting the economy and businesses

in particular continued to be our primary concern in

2010. We therefore undertook every effort possible to

maintain financing to households and businesses at

the same levels as in 2009, while providing safe and

reliable solutions for our Customers’ savings.

With confidence in our policy of continuously

expanding and strengthening our operations, we

carefully monitor and capitalise upon opportunities

presented by sustainable development, creating

modern retail and investment banking products which

contribute to the protection of the environment.

The dedication, skills and efforts of our Employees

are decisive factors in our successful course. Bearing

in mind the lasting welfare of our Employees,

we continued to develop a working environment

which offers incentives and career advancement

opportunities to all Personnel without discrimination.

The closing of the year was, regrettably, marked by

the tragic event of the cold-blooded murder of the

Orestias Branch Manager, Triantafyllos Gaitatzis,

during a robbery. Our thoughts are with his family

to which we express our unreserved sympathy and

support.

Being greatly aware of our social responsibility,

we pursued in 2010 our commitment to social

contributions with long-term value, strengthening

various initiatives, focusing on education, volunteerism

and the promotion of Greek culture.

I have no doubt that responsibility and integrity

constitute and will continue to be major factors of

our operations, even during the adverse financial

circumstances we are experiencing. I am confident

that, guided by our commitments, we will live up

to the challenges and successfully take advantage

of the opportunities at hand to create value for our

Shareholders, Customers and Employees, as well as

society at large.

Yannis S. Costopoulos


Alpha Bank GroupVolunteer Day in Bulgaria

Corporate Governance and Policies


Long-term Policies and Commitment

For Alpha Bank, corporate social responsibility is

intertwined with its business mission and policies.

With the aim of meeting, in a modern and responsible

manner, all the banking needs of its Customers

and focusing on the continuous qualitative and

quantitative improvement of its products and

services, the Bank seeks to incorporate social and

environmental factors in each activity. It recognises

that the policy of strengthening retail banking in

Greece, and expanding in Southeastern Europe, is

inextricably linked with reliability, consistency,

integrity and professionalism in banking services and

respect for the social and natural environment. In

addition to compliance with the values that govern

its operation from the time of its establishment until

today, Alpha Bank focuses on providing banking

services and products to Customers which, on the

one hand, enable them to take advantage of the

opportunities offered and, on the other hand, provide

protection against the risks of modern financial

instruments. The role of the Bank is to assist in

creating a healthy economic environment and

facilitating wider access to financial services and the

benefits they provide to society.

A course of continuous effort and affirmation of our principles

Over the past ten years, Alpha Bank has integrated

into its business planning and annual reports to

Shareholders, social and environmental indicators

reflecting non-financial performance, while it

has systematised its activities in the fields of

sustainability and corporate social responsibility.

In 2001, for the first time, the Bank published, in its

Business Review, structured data on social indicators

of performance related to Human Resources and

social contributions in the field of culture, and began

its support to the environmental programme of the

Hellenic Society for the Protection of Nature “Blue

Flags” in Greece as its exclusive Sponsor. In 2001, the

Bank, in the context of the Grand National Sponsorship

of the ATHENS 2004 Olympic Games, launched the

sports tour entitled “Olympic Sports Panorama”,

which continues to this day as the “Alpha Bank Sports

Panorama”, informing the public about lesser and more

well-known sports while promoting the ideals of fair

play and sportsmanship. In 2003, it joined for the first

time, the international FTSE4Good Index certifying in

this manner its high level of social and environmental

sensitivity. In January 2007, Alpha Bank joined the

“United Nations Environment Programme Finance

Initiative” (UNEP FI), a United Nations and financial

sector collaboration to promote sustainability issues

in the financial sector. The same year, immediately

after the devastating fires that occurred in the

Peloponnese, in the month of August, it decided to

donate Euro 30 million for relief of the fire-stricken

populations, in a multi-year programme. In 2008, it

published the first Corporate Social Responsibility

Alpha Bank’s primary consideration is to secure its financial strengthening and viability which allow for its proper operation. A key factor and precondition of its strengthening is the trust of all of its stakeholders. This constitutes the foundation for its successful course. Securing this trust is dependent upon and reconfirmed daily through its responsible operation and the provision of banking products and services which assist households and businesses to effectively respond to modern needs and challenges. Guided by its values, Alpha Bank continually endeavours to honour the trust placed in it by its Shareholders, Employees, Customers and other Stakeholders, taking into consideration their expectations and views; facing the important financial, social and environmental challenges with a sense of responsibility and taking them into account for the creation of long-term value for all.


introduced to the market a new series of products

entitled “Alpha Green Solutions”, contributing to

the financing of

sustainable solutions

for households and

businesses. In addition, for the first time, in 2009 the

Corporate Social Responsibility Report was reviewed

by the Global Reporting Initiative (GRI) and was

granted a “B” level grading.

Report as an independent publication and in 2009

introduced the “Alpha Bank Group Volunteer Day”, to

strengthen volunteering and raise awareness among

Employees on social and environmental issues. During

this day, which was established in 2010 as the last

Sunday of May every year, Employees in all countries

where the Group is present voluntarily participate in

social and environmental actions. In 2010, within the

context of its active environmental policy, the Bank

First time reporting on social performance in the Business Review

2001 2003

Participation in the FTSE4Good Index

2009 2010 2010Establishment of the Alpha Bank Group Volunteer Day

GRI level “B” awarded for CSR Report 2009

New series of banking products “Alpha Green Solutions”

2007 2007 2008

Inclusion in the UNEP FI

Initiative to support the fire-stricken populations

Publication of the first separate CSR Report 2007

Alpha Bank’s Milestonesin Corporate Social Responsibility

Green Solutions


Commitments and Priorities

The Bank’s policy for responsible business

operation, which creates value for all, contributes

to effective risk management and to the utilisation

of development opportunities associated with

contemporary social expectations. In this context,

its operation is governed by four basic commitments

which determine the content of corporate

responsibility:

• Development of the benefits of financial services to support and improve social welfare.

• Ensuring quality, transparency, credibility and security in all banking products and services offered to Customers.

• Continuing care and support for the welfare of Employees.

• Development and implementation of solutions for a sustainable natural environment.

Development of the benefits of financial services to support and improve social welfare.

Ensuring quality, transparency, credibility and security in all banking products and services offered to Customers.

Continuing care and support for the welfare of Employees.

Development and implementation of solutions for a sustainable natural environment.

• Support to Small and Medium-sized Enterprises• Introduction of new financing options to households to cover their needs• Social contributions and investments with long-term benefits

• Provision of modern, innovative banking products which respond to customer needs

• Utilisation of new technologies to improve services• Focus on the quality of services for customer satisfaction• Facilitation of equal access to banking services for all• Prevention and responsible management of over-borrowing• Responsible marketing of banking products• Responsible handling of overdue claims• Measures to counter fraud and money laundering• Promotion of transparency• Responsible investment policies which incorporate social and environmental

risks

• Ensuring employment and job positions• Encouraging diversity at the workplace • Promotion of equality of opportunity and elimination of discrimination • Protection of labour rights• Complete protection of health and safety at the workplace• Continuous dialogue• Stable remuneration policy and coverage of additional needs• Promotion of and support for volunteerism

• Promotion of banking products which contribute to meeting environmental challenges

• Reduced consumption of energy and water• Reduced carbon dioxide emissions• Reuse and recycling of materials• Implementation of environmental criteria for procurement procedures• Promotion of investments in sustainable economic activities

Commitments Priorities

In line with these commitments, Alpha Bank has established the following key axes of activity for the following

priorities:


These are continuously monitored by the Management

and the competent Divisions of the Bank, while

Employees apply them in the context of the Code of

Ethics, which includes the values, orientations and

requirements of the Bank with respect to responsibility

and professional behaviour. The Bank in all operations

abides by the law and takes into account the

fundamental principles of the Universal Declaration

of Human Rights and the treaties of the International

Labour Organisation. With its participation in the

United Nations initiative (UNEP FI) for the promotion of

sustainable development by financial institutions, it

incorporates relevant environmental principles in its

financial activities.

Sustainable Investment and Banking Products

In 2010, Alpha Bank created and promoted the new

product line called “Alpha Green Solutions” which

aims to offer Customers comprehensive solutions

for eco-friendly operations. The new product line

finances green solutions for homes, businesses and

transportation, encouraging the development of an

ecological conscience.

At the level of investment banking, the Bank created in

2010 a specialised portfolio addressed to its Private

Banking Customers. The new “Green Focus Portfolio”

includes Mutual Funds and Exchange Traded Funds

(ETFs), which invest in firms that conduct business

in sectors such as renewable energy, water resource

management and management of pollutants and

waste.

Active support to businesses

Despite the unfavourable international financial

climate, the worsening of the crisis facing the Greek

economy and the strongly affected rate of credit

expansion, in 2010 Alpha Bank also provided support

to businesses, maintaining business financing at

almost the same level as in 2009.

Awards

In 2010, Alpha Bank was recognised as the “Bank of

the Year” in Greece by the international magazine “The

Banker” at an awards ceremony held in London on

Thursday, 2 December 2010. The awards committee

identified Alpha Bank as the “Greek bank best placed

to emerge from the difficult financial conditions”

because of the conservative policies it follows, which

has led to one of the highest indicators of capital

adequacy among Greek banks. In addition, “The

Banker” noted that Alpha Bank’s performance in the

stress tests of the Committee of European Banking

Supervisors (CEBS) was better than its primary

competitors, while noting the Bank’s high level of

adequacy with respect to provisions and

collateral.

Furthermore, within the context of

the ECOPOLIS 2010 Environmental

Awards, Alpha Bank received the

“Environmental Investment” award

in the companies category,

for its Bioclimatic Building,

on 103 Athinon Ave.

In 2010, Alpha Bank remained in the

FTSE4Good Index (Financial Times Stock

Exchange Good Index www.ftse4good.

com) further to the evaluation of its

social and environmental performance.

The London Stock Exchange and

Financial Times Index evaluates listed

companies in five areas:

• Operating without harmful environmental effects.

• Developing positive relationships with stakeholders

and the general business environment (customers,

suppliers, shareholders, employees, society).

• Supporting, developing and safeguarding human

rights.

• Ensuring high labour standards.

• Contributing to the reduction of financial corruption.


Corporate Governance

The strict application of the principles of corporate

governance as defined in Law 3016/2002 and

the other widely recognised codes and voluntary

standards, is a key pillar of the operation of Alpha

Bank. These principles determine the administration,

operation and control of the Bank and ensure the

interests of Shareholders, and other stakeholders as

well as transparency in its operations.

Since 1994, Alpha Bank has adopted and

implemented the principles of corporate governance,

seeking transparency in communications with

Shareholders and direct and continuous information

for investors. In this context, the Bank adopted the

separation of duties between the Chairman and

the Managing Director - CEO, the independence of

the majority of the Board of Directors, established

a Compliance Division and adopted the Code of

Ethics designed to promote standards imposed by

modern corporate governance and to enhance the

effectiveness of the rules of Internal Audit.

The Management of the Bank is exercised by the

fifteen-member Board of Directors, the Managing

Director - CEO, the Executive Committee which

carries out a review of the domestic and international

economy and market developments, and examines

issues of business planning and policy; and the

Operations Committee, which undertakes a review of

the market and the sectors of the economy, examines

the course of business and new products, approves

the policy on Branch Network and Group development

and determines the credit policy. Further details on

the mechanisms which ensure Alpha Bank’s effective,

transparent and responsible corporate governance,

including administration and supervision, and risk

management are presented in the Business Review

2010 of the Bank and on the website (www.alpha.gr).

The Bank’s performance and policies in relation to

environmental and social issues and matters of

corporate governance and the overall management

of sustainability issues is determined by the

Board of Directors. The Code of Ethics describes

the Bank’s commitments and practices regarding

its activities, management, rules of conduct for

Executives and Employees in their interaction with

each other but also with respect to contractual

parties and Shareholders. Through the Code of

Ethics and principles of Corporate Governance

as well as through the operation of the Board of

Directors’ Audit Committee, Risk Management

Committee and Remuneration Committee, Alpha Bank

effectively strengthens the principles of integrity and

transparency and ensures optimal risk management.

The Bank’s new organisational structure has been

developed within this context.

Finally, the Bank attaches great importance to issues

of ethics and transparency and regulates issues

such as the protection of personal data, the ban on

accepting gifts in the exercise of official duties of

Executives and Employees, as well as conflicts of

interest in conducting transactions through General

Management Acts and the Staff Regulations.



Alpha Bank GroupVolunteer Day in Greece

Together in Dialogue and Cooperation


Customers

BusinessCommunity

Societies - Associations

and other Organisa-

tions

The State and

Regulatory AuthoritiesSuppliers

Employees

Local Communities

Shareholders

ΑLPHABANK

Stakeholders

With regard to the Bank, stakeholders are those persons

and legal entities and groups that are either affected

by its decisions and operations, or that may affect its

performance, or towards whom the Bank has legal,

financial or operational responsibilities. The Bank

recognises the following stakeholders:

• Shareholders

• Customers

• Employees

• Business Community

• The State and Regulatory Authorities

• Local Communities

• Suppliers

• Societies - Associations and other Organisations

The Bank also recognises the important role played

by the mass media with respect to providing

information and shaping public opinion and strives

to provide them with an honest and complete view

of its financial as well as social and environmental

performance.

Systematic dialogue with stakeholder groups important to the Bank’s operation (customers, employees, shareholders, governmental and regulatory authorities, suppliers) as well as society at large and the incorporation of their expectations into operational decisions and plans are at the foundation of Alpha Bank’s corporate responsibility policy. Through this process the Bank can more effectively manage risks and seize development opportunities that arise. At the same time it enhances its ability to identify innovative approaches and contribute to economic development. Given that its successful business course is primarily based on customer satisfaction and the dedication and contributions of its Employees, Alpha Bank places particular emphasis on dialogue and on building relationships based on mutual trust with these groups, as well as with all stakeholder groups in general.


Employees

With respect to engaging with its Employees and

as part of achieving its objective of ensuring a

healthy, secure and satisfying working environment,

the Bank uses a number of methods in order to

solidify two-way mutual communication with each

Employee individually as well as with collective

union representatives. In this context, in addition

to meetings of Employees with their Supervisors

and direct two-way communication between the

Human Resources Division and the Personnel, local

meetings are regularly arranged between Executives

and Regional Managers, as are visits of members of

the General Management to Branches throughout

the year, along with the annual National Meeting of

Group Executives. Through the Alpha Bank Intranet,

the Management informs Employees and receives

their comments and suggestions on a range of issues

such as customer service and frequently occurring

problems. This process is particularly important

for the achievement of business objectives and

facilitates the collection of employee views which

can further enrich policies, operational processes

and even the development of the Bank’s services.

For example, among recent suggestions proposed by

Employees through this method is the verification of

customer data through the Taxis Phone Service of the

Ministry of Finance which is already being conducted

throughout the Branch Network. In addition the Bank

encourages its Employees to participate in volunteer

activities of a social and environmental nature.

Finally, the Management as well as the competent

Divisions of the Bank deliberate with members of

the most representative Employee Association of

Alpha Bank and seek their views on all issues related

to compensation, working conditions and employee

benefits.

Customers

Alpha Bank aims at complete satisfaction of all

customer categories through the provision with

complete transparency of high quality services, at

competitive pricing and terms which ensure the safe

and reliable use of banking products. In this context

it communicates directly with its Customers through

satisfaction surveys conducted throughout the year.

In addition, the Bank also carries out surveys which

monitor its image in relation to its direct competitors,

testing new communication and marketing ideas and

evaluating its promotional messages. Finally, the

Bank organises informational events and discussions

on critical issues of concern to its Customers and

the public in general such as, for example, the future

prospects of the Greek economy.

Investors and Shareholders

Alpha Bank ensures that through continuous

communications conducted by the competent

Units any questions and concerns by Investors

and Shareholders are promptly answered and

addressed. Increasingly in recent years the Bank

has received a noticeable number of requests for

additional information on its environmental, social

and governance (ESG) performance from Socially

Responsible Investors (SRIs) such as pension funds

and other institutional investors. These requests are

responded to promptly and accurately on a case-

by-case basis while Alpha Bank investor roadshow

presentations also provide information on the Bank’s

non-financial performance.

Dialogue and cooperation in action


Local Communities

With a broad Network of 430 Branches in Greece

and a presence in eight other countries, Alpha

Bank cultivates trust-based relationships with

the local communities in which it operates. In this

context, the Bank collaborates and works with their

representatives in order to mutually exchange

information and views. The Bank also provides

financial support to local communities in response to

their needs and encourages Employees to volunteer

in different social and environmental activities.

Societies - Associations andother Organisations

Alpha Bank notably engages with societies,

associations and other organisations, which

contribute to dealing with social and environmental

challenges. At the same time, it responds to the

concerns of these groups where appropriate and

feasible, in harmony both with the Bank’s business

objectives and requirements and commitments to

corporate responsibility. An indicative example was

the Bank’s immediate response to a suggestion from

the Disabled Society of the Rethymnon Prefecture

regarding access by individuals with mobility needs

at certain Branches of its Network, performing, where

feasible, the necessary ergonomic modifications.

Business Community

Alpha Bank actively works with other financial

institutions in order to address issues of common

concern affecting the sector, the broader business

climate and society at large. It focuses on finding

solutions to common problems facing the financial

sector as a whole. In this context, Alpha Bank

participates in the Hellenic Bank Association and its

working groups, the Hellenic Advertisers Association,

the Hellenic Network for Corporate Social

Responsibility and the UN Environment Programme

Finance Initiative (UNEP FI – undertaken by banks and

financial organisations around the world to promote

sustainable development).

State – Regulatory Authorities

Regular, systematic dialogue and consultation

with State and Regulatory authorities constitute

part of Alpha Bank’s operating procedures, its

primary aim being to ensure the Bank’s scrupulous

regulatory compliance. In addition, through this

dialogue the Bank contributes to the assessment of

financial sector policies and the implementation of

measures to deal with the financial crisis. In 2010

Alpha Bank participated in the dialogue with the

relevant authorities on the implementation of Law

3869/2010 concerning bankruptcy of individuals

and the settlement of debt, as well as in the

consultations related to the support of the liquidity

of Greek banks through the European Central Bank

and to a series of measures undertaken by the Greek

State since the end of 2008.

Suppliers

Alpha Bank has a large number of Suppliers and

strives to engage with them in the most responsible

manner possible. It resolutely respects contractual

terms and engages with Suppliers on a fair - basis

when any renegotiation of contractual terms is

sought. Regular meetings with Suppliers include

exchange of information with the intent of improving

performance, as well as promoting the Bank’s

corporate values on environmental and social

matters.



Voluntary event for Olive Picking in Greece

Together in the Economy


Robust capital adequacy

The results of the European stress tests confirmed

that Alpha Bank is the Greek bank with the highest

capital adequacy and is sufficiently robust to respond

to even the most adverse economic circumstances.

This notable performance by Alpha Bank, which

placed it first among Greek banks, confirms that

the Bank has effectively implemented its strategy

for the protection of the long-term interests of its

Shareholders and Customers and has proactively

taken measures to safeguard its Balance Sheet in

order to withstand whatever adverse consequences

may result from the financial crisis. In this context,

Alpha Bank’s actions to strengthen its liquidity and

capital base carried out in 2010 were made with

utmost consideration for its responsibilities vis-à-vis

thousands of Shareholders, as well as the need to

maintain its robustness in the interest of the Greek

economy as a whole.

Support of our Customers

With four million Customers and a presence in eight

countries, Alpha Bank understands and recognises the

difficulties households and businesses face in light of

the economic crisis. Notwithstanding the climate of

uncertainty, the decline in demand and the pressures

on the liquidity of the banking system, the Bank stood

responsibly by its Customers in 2010 with a priority

focus on supporting businesses which are the driving

force of the economy.

PaymentAdjustment Plan

Recognising the difficulties faced by a

large portion of its client base, Alpha

Bank developed the “Payment Adjustment

Plan” in which borrowers can redefine their

monthly payments or only pay interest for

a period of time, thus providing them with

greater flexibility and ease so as to remain

consistent with their borrowing obligations.

In this context, 4,500 loan contracts were

passed under this particular programme in

2010.

JEREMIE Programme for Small and Very Small Enterprises

In 2010 Alpha Bank was selected as one of

two Greek banks to manage the JEREMIE

programme, which is co-financed through

the European Investment Fund and covers

loans to newly-formed Small and Very

Small Enterprises for the implementation

of their investment and development

plans. These loans will be disbursed over

the next two years and feature significant

advantages such as an exceptionally low

interest rate and flexible reimbursement

terms.

Under conditions of deceleration of the Greek economy during all of 2010 and of international instability in the financial environment, Alpha Bank further strengthened its liquidity and Balance Sheet, with a sense of responsibility to its Shareholders, Customers and the national economy, thus ensuring a stable financial performance which allowed it to maintain its unfailing support of its Customers’ needs. Recognising its role in the stabilisation of the Greek economy, the enhancement of economic growth and the success of the proposed reform measures, Alpha Bank contributed to the efforts of the country to return to growth by continuing to finance businesses and households, while, at the same time ensuring its resilience and financial performance.


Support of businesses

In full recognition of the dire necessity to create the

conditions of economic development required to

confront the crisis in the Greek economy at this crucial

juncture, Alpha Bank contributed to the efforts of large

and small and medium-sized enterprises to respond to

the consequences of the crisis and to undertake new

investment initiatives.

Thus in 2010 Alpha Bank continued to support Small

Enterprises and members of the liberal professions

with new financing amounting to Euro 670 million.

Special emphasis was given to loan settlements

which totalled Euro 300 million, thus contributing

to more effective operations and further growth for

approximately 6,000 Small Enterprises and members

of the liberal professions.

Despite the continuing financial crisis, the Bank

continued to actively support approximately 75,000

Small Enterprises - Customers (with credit lines of up

to Euro 1 million), offering comprehensive solutions

through new flexible products and services. Loans to

Small Enterprises declined by 3.7% while loans to

Very Small Enterprises (with credit lines of up to Euro

150,000) decreased by 1.3%.

As part of efforts to support Small and Very Small

Enterprises, in 2010 Alpha Bank also participated

actively in the Credit Guarantee Fund for Small and

Very Small Enterprises (T.E.M.P.M.E.) by financing

working capital, payment of tax and insurance

obligations and the purchase of raw materials, goods

and services. At the end of the year, Alpha Bank had

approved loans to 4,025 Customers, disbursing a total

of Euro 292.47 million.

With respect to Medium-sized Enterprises, in 2010 the

Bank continued to support the 7,000 Customers in

this category, focusing on ensuring the quality of the

portfolio in conjunction with its sustainability. Despite

the strongly constricted growth of credit expansion in

2010, the overall financing of loans in this category

fell a mere 0.9% compared to the previous years

(total lending: Euro 7,523,000 versus Euro 7,590,000

in 2009) while new credit lines totalling Euro 200

million were approved to 320 new Customers.

At the same time, special consideration was given to

the timely diagnosis of problems among Medium-sized

Enterprises and all available instruments were used

(including restructuring and settlements of loans) in

order to assist the Enterprises in question to respond

to the challenging economic circumstances and its

consequences.

Support of households

Alpha Bank considers that its social role is an integral

part of its main business activity. Hence, despite the

unfavourable financial circumstances, it continued in

2010 to support households by responsibly financing

their housing and other consumer needs.

Thus, the Bank contributed to the effort of households

to own their homes, maintaining its national market

share at the same level as the previous year and

noting a slight increase over 2009 with respect to

its total mortgage lending portfolio which at the end

of the year surpassed Euro 11.3 billion. In total at

the end of 2010, 10,323 new mortgage loans had

been approved with an average loan amount of Euro

108,031.

In order to enable more individuals to purchase their

own home, in 2010 the Bank financed up to 100% of

the commercial value of homes when guaranteed by

the Greek State, thus participating in the efforts of the

State to support the construction sector.

In the consumer credit segment, where demand

remained at low levels, disbursements surpassed

Euro 1.2 billion thus helping to meet the increased

needs of Greek households, while always taking into

consideration the principles of responsible lending and

protection of Customers against over - borrowing.

Finally, in 2010, in order to protect mortgage

borrowers from future interest rate increases, the

Bank developed and offered the “Alpha Protection”

programme. This product offers a pre-determined

maximum increase limit to the variable interest rate of

up to two percentage points from the initial variable

rate, for a period of five or seven years from the start

of the loan without, however, setting any lower limit.

Thus, the Bank offered protection to its Customers

from unforeseen increases which can affect the

household budget.


“With its conservative strategy, Alpha Bank appears to be best placed to weather the storm. A cost-cutting

drive and efforts to improve procurement procedures kept the cost-to-income ratio stable in 2009, and the

Bank is anticipating a 2% total decline in costs for 2010.

Inevitably, the number of non-performing loans is rising, but at 7.1% in Greece, Alpha Bank's remains lower

than many of its peers, and provisioning plus collateral covered 130% of bad loans as of June 2010. The

Bank moved fast in 2009, carrying out a Euro 986 million rights issue in order to repay the preference

shares invested by the Greek government to support the Bank at the height of the financial crisis, while also

boosting its Tier 1 capital ratio by 200 basis points. Its capital adequacy ratio, at 13.2%, was the highest

among top-tier Greek banks at the end of 2009, and its results in the mid-2010 EU-wide bank stress tests

were the best among the country's privately owned banks.

The Banker magazineAwards Ceremony, “Bank of the Year” in Greece for 2010

Targets establishedin the CSR Report 2009

2012 • Loans to Small Enterprises totalling Euro 670 million.

• Loan guarantees of Euro 292,470,000 to Small and Very Small Enterprises through T.E.M.P.M.E.

• Continued support at same levels as in 2009 of financing of Euro 7,523,000 to Medium-sized Enterprises.

• Participation in the JEREMIE programme to newly-formed Small and Very Small Enterprises for the implementation of their investment and development plans.

To help our Business Customers respond to the upcoming economic circumstances and the short-term consequences of the fiscal consolidation plan of the Greek economy.

Deadline StatusMajor achievements in 2010

Results in 2010

Target achieved Ongoing target



Voluntary event for Olive Picking in Greece

Together in the Market


Our Customers’ trust

For Alpha Bank, the provision of high quality

financial services is a fundamental component of

our competitiveness, serving to further customer

loyalty. The high quality of services is ensured for all

Customers – individuals, small and large enterprises,

investors – and in all the markets where the Bank

operates. In this context, the Bank systematically

measures customer satisfaction via: i) satisfaction

surveys, ii) the availability of the postage-paid

questionnaire entitled, “Your opinion counts”

available at all Bank Branches in which Customers

can evaluate service at Branches and iii) the

availability of a customer complaint submission form

available at Branches entitled, “Your suggestions

help us improve”, as well as via the corresponding

procedures for the submission of recommendations

by telephone, the internet and directly through the

Customer Service of the Bank’s Operations Division.

Alpha Bank products and services offer solutions and new financial possibilities to its Customers. As in the case of all financial services, risks and unpredictable negative situations may occur. The Bank’s corporate responsibility consists in supporting its Customers to fully make use of these solutions, guaranteeing high quality, transparency and security in all its banking operations. Through its People, technology and operations, Alpha Bank enables millions of individuals and businesses to use the financial products it offers simply, reliably, responsibly and transparently. With absolute priority to quality services and consideration for the trust its Customers place in it, the Bank takes care to ensure the continuous improvement of its services and the promotion of the safe and responsible use of the banking products it offers.

Phone Banking Users

ATM Users

Automatic CashTransaction

Centres Users

Web Banking Users

HighSatisfaction

1-2 points 3-4 points 5-6 points 7-8 points 9-10 points


Quality throughout

Alpha Bank incessantly trains its Personnel and

improves their customer service skills through

continuous education and training. In 2010, it

continued to organise Customer Service seminars

for Branch Executives and Employees and for

those in Central Services, as well as for newly-

hired Employees. At the same time, the Alpha Bank

Intranet includes a dedicated area to facilitate

two-way communication among Employees on

issues related to Quality and Quality Services. On

the indicated feedback form, all Bank Personnel can

submit suggestions and ideas for improvements in

customer service, recommend solutions to problems,

report frequently occurring problems, etc. These

suggestions by Personnel in 2010 have already

led to the verification of Customers’ identification

through the Taxis Phone Service of the Ministry

of Finance and to an Alpha Web Banking platform

designed for i-phones. As a way of further expanding

the use of quality equipment for internal operations,

in 2010 the Shareholder and Custody Unit of the

Back Offices Division as well as the Letters of

Guarantee Unit of the Credit Operations Division were

certified according to ISO 9001:2008. In addition,

Customer Service renewed its ISO 9001:2008

certification in the area of “Customer complaints and

requests management”.

In all of the surveys carried out in 2010, a high level

of customer satisfaction was reported. Specifically,

with respect to results of the satisfaction survey

conducted at Branches, the total scoring of customer

satisfaction was 8.7 (on a scale of 0-10). There was an

even higher level of satisfaction in the other banking

channels (ATMs, Automatic Cash Transaction Centres

[ACTCs], Web Banking) where Web Banking achieved

a 94% satisfaction rate, maintaining the same high

level as in the survey conducted in 2009.

Although the Bank’s Customers highly rate the

services provided at Branches and in the alternative

banking networks, the level of service does not

surpass customer expectations. Customers demand

especially high levels of service from Alpha Bank

and all other banks operating in the country and for

this reason the Bank’s endeavours at reaching even

higher levels of customer satisfaction are intensive

and extensive. Alpha Bank’s objective is to be a

model of banking service, among its competitors. For

this reason, monitoring indicators have been adopted

with respect to customer service. Furthermore,

continuous evaluations and qualitative analyses of

suggestions are carried out in order to identify areas

for improvement and submit proposals.

Access to financialservices for all

With the aim of limiting queue lines that may

sometimes occur in its Branches, Alpha Bank has

established service and waiting times as one of the

quality indicators it continuously monitors; This is

why, in 2010, the Bank continued to upgrade and

expand the use of alternative banking networks.

Alpha Bank seeks to facilitate access to high-

quality banking services for the whole population.

For this reason it maintains a wide-ranging Branch

Network throughout Greece (covering townships,

islands and other isolated areas – 104 customer

service points are located in areas with fewer than

10,000 inhabitants). This is also the reason why,

respecting and recognising the right of individuals

with disabilities to have equal access to banking

services, apart from the continuous upgrading of

the alternative banking networks and especially

Alpha Web Banking, Alpha Bank remodelled in 2010

another seven Branches, making the necessary

ergonomic modifications in order to ensure easy

access to individuals with mobility challenges.


Effective response to customer complaints

In 2010 efforts continued to promptly and effectively

respond to customer complaints. The relevant

procedures for the recording and management of

complaints are available on the Bank’s website as well

as throughout the Branch Network. In 2010, 8,306

complaints were received compared to 8,190 in 2009

(a marginal increase of 1.4%) while the average length

of time to resolve them remained at the same levels

(23 days) as in 2009, despite the relative increase in

their quantity. Although Alpha Bank undertakes every

effort at resolving customer complaints at the Bank

level, 111 customer complaints were submitted to

the Ombudsman for Bank and Investment Services,

compared to 62 in 2009, an issue largely connected

with the overall unfavourable economic conditions and

the increase in arrears.

International acclaim for the Bank

The tradition of being singled out for the high quality

of its services was continued in 2010. Alpha Bank

received the “Deutsche Bank Euro STP Excellence

Award” for the quality and speed of services offered

in the execution of international payments, as well

as Citibank’s “CITI Performance Excellence Award”

for the automated transmission of international

payments in Euro and remittances in US dollars

respectively.

Innovative solutions

The provision of innovative financial products and

services for the Bank’s Customers is in keeping

with the long-standing and continuous use of

technological media and the search for solutions

which meet the contemporary needs of households

and businesses. Regardless of the special needs

that each category of Customers may have, Alpha

Bank strives to meet these needs which may range

from on-line banking or the safe and simple payment

of common consumer goods to the financing of large

infrastructure projects. As part of its commitment

to continued innovation and expansion of the use of

banking services, Alpha Bank continued in 2010 to

develop and promote solutions which meet the high

expectations of its Customers.

Indicatively and in addition to the new products

presented below, it should be noted that the

successful “Bonus” programme, which rewards

“Bonus” credit card holders with redeemable

points from a number of companies, has added new

partners. Among them a fuel company was included,

at whose gas stations the “Bonus” card holders

may redeem the points collected and reclaim

the VAT. This new offer has already been quite

successful given the significant increases in fuel

prices. Similarly in the area of mortgage lending in

early 2010 Alpha Bank, promoting the principles of

responsible lending, launched the “Alpha Protection”

housing loan, giving households the option of

taking advantage of low Euribor rates, at the same

time protecting them against possible increases in

the future. In the area of electronic banking, there

was a significant development when the option of

conducting remittances to any bank in the world

was added to the services provided to Alpha Web

Banking Customers. With respect to services to

businesses, in the past year (in which the financing

of businesses was especially important for the

Greek economy) Alpha Bank expanded the model of

Standard & Poor’s Risk Solutions called “Credit Risk

Tracker Greece”, evaluating the creditworthiness

of 2,400 businesses as potential customers for

financing. This method allows for more transparency

and effectiveness into the lending procedure,

thus helping to create more favourable financing

conditions for Greek businesses.


Responsible relationships with our Customers

Alpha Bank’s commitment to building long-term trust-

based relationships with its Customers is reflected

in the responsible marketing of banking products and

services, the prudent approach to the issue of the

over - indebtedness of households and the responsible

management of arrears.

Responsible products and services

All of the Bank’s promotional activities related to

products and services are based on honesty and

integrity and the scrupulous implementation of

the Hellenic Bank Association’s Code of Ethics for

Advertising Financial Products and Services.

Protection of our Customers from over-indebtedness

In order to protect borrowers from accumulating too

much debt, the Bank follows a strict approach to

financing approvals. First of all, the Customers’ ability

to service debt is taken into consideration, while in

each contact with them, the Bank and its Personnel

inform Customers in an understandable way about the

prerequisites for the management of banking products

(e.g. loans, credit cards, etc.) and the potential risks

associated with their thoughtless usage. In this

context and given the unfavourable circumstances

faced by a significant number of households, in 2010

the Bank continued to offer the new personal loan

“Alpha Metron Ariston” launched in November 2009.

With this new product, Alpha Bank introduced for the

first time the possibility to individualise pricing at

reduced interest rates, according to each Customer’s

transactional behaviour for consumer products offered

by all the banking institutions with which he/she

conduct business. The “Alpha Metron Ariston” product

reflects the main motto of the Bank’s Consumer Credit

Products “Nice and Neat”, thus promoting at the

same time the notion of responsible lending. Since

November 2009 more than 63,000 applications have

been received for this particular product, while in

2010 15,388 loans of this category were approved.

In the same spirit and as part of efforts to assist the

Bank’s mortgage-lending Customers with respect to

their loan repayments, the Bank created the “Payment

Adjustment Plan” allowing Customers the option of

adjusting their mortgage payments, for a certain period

of time, so as to meet temporary fluctuations in their

disposable income.


Communication and dialoguewith our Customers

A fundamental prerequisite for building trust-based

relationships between the Bank and its Customers

is continuous communication and dialogue. In

this context, apart from satisfaction surveys, the

organisation of group discussions to investigate

quality issues and daily contact of Personnel with

the Customers, the Bank seeks to constantly keep

them informed on products and services, but also

on all issues affecting the market and economic

developments. In addition, the Bank takes into

account, whenever possible, their opinions, in its

constant pursuit of improvement and responsiveness

to expectations. In 2010 the effort was continued

to expand communication through the use of media

technologies, but also by organising speeches on

important issues facing the Bank’s Customers. In

particular, recognising its role in improving the

economic climate, immediately after the inclusion of

Greece into the joint programme of the European Union,

the International Monetary Fund and the European

Central Bank, Alpha Bank organised conferences in

Athens and Thessaloniki, with the theme “The Greek

Economy: Development and Reform”. The purpose of

these conferences was to inform the Bank’s Customers

of the prospects for improving the economic conditions

of the country and for overcoming the crisis. Moreover,

in 2010, the Consumer Banking Products Division

created a section entitled “Consumer Loans” on the

Bank’s website, which provides detailed information

and useful tools for its products as well as the

possibility of submitting applications online. Alpha

Bank also introduced for the first time the “Click to

Call” service, by which each visitor - Customer can

communicate by telephone with the appropriate Bank

Division, which will directly and in real time respond

to any request or queries. At the same time, the “SMS

Gate” service was launched, which enables Customers

to obtain product information by SMS as well as to be

informed by a call or message to communicate with

the relevant Division of the Bank.

Responsible settlement of overdue claims

In order to assist those Customers

wishing to consolidate all

debts from loans and cards

into one lower payment,

Alpha Bank offers the “Alpha

All in 1” product, which

allows them to calculate the

benefits of this specific product and their potential

instalments. In 2010, the Bank installed a practical

tool on its website for calculating these instalments.

In addition, it continued to make available tools

for calculating corresponding payments for other

consumer and housing products, showing in a fully

transparent manner each time, not only the amount

of each instalment, but also the conditions, interest

rates and other charges that accompany the loan.

Understanding the difficult conditions created by the

economic crisis and with a sense of responsibility

towards Depositors and Shareholders, Alpha Bank

made every effort in 2010 to effectively manage

overdue claims in order to facilitate their repayment,

while ensuring its creditworthiness. Thus, in order

to facilitate cardholders and borrowers to regulate

their debts in arrears deriving from products of the

Bank, and to ensure maximum security, it introduced

a new product, “Alpha Debt Settlement Loan (with

mortgage prenotation)”, which allows for reduced

monthly instalments due to the higher loan term

and lower interest rate as a result of the provision of

collateral. In addition, in order to assist Customers,

who are having temporary difficulty in paying debts

from credit cards and consumer loans, Alpha Bank

launched in the summer of 2010 another new product

“Alpha Facilitation” which provides the possibility to

restructure these debts and offers preferential interest

rates to consistent borrowers.

Furthermore, in cooperation with collection agencies,

the Bank continued to enforce strict procedures

to prevent unethical practices, not accepting any

harassment of debtors or their family members, in

collecting arrears. In 2010 the Bank received 1,300

complaints regarding collection agencies which were

investigated and treated in their entirety.


Transparency and securityof banking transactions

In light of the fundamental principles of integrity,

honesty, impartiality and independence, Alpha Bank’s

operations are oriented towards transparency and

strict enforcement of the regulatory framework

for the financial sector. After the enactment of

Law 3862/2010 on payment services, Alpha Bank

responded immediately to the new requirements to

enhance transparency of transactions and prepared

a new customer contractual framework agreement

with detailed conditions for carrying out banking

transactions. This cooperation framework was made

public both through the Bank’s website, and through

special brochures distributed through the Branch

Network. Also, throughout the course of 2010,

Alpha Bank audited transactions and Customers for

compliance to the regulatory framework, in order to

combat fraud, money laundering and financial crime,

having put in place specific control systems and

cooperating fully with the competent supervisory

Authorities. Its position against corruption is firm

and unwavering; that is why in 2010, the Market

and Operational Risk Division and the Compliance

Division examined all possible cases of risk associated

with the fight against bribery and corruption.

Moreover, it is duly noted that the Bank did not fund

any political party or political figure or any other

organisation associated with a political party. While

making continuous efforts to consistently meet

the expectations of its Customers and the State,

Alpha Bank strictly implements the regulations and

decisions of authorities responsible for the financial

sector. In 2010 fewer complaints were made compared

to 2009 regarding our products and services, while

administrative fines amounted to a total of

Euro 78,000 compared to Euro 749,500 in 2009.

The most significant cases concerning regulatory

compliance in 2010 focused on issues pertaining to

delays in response to customer complaints, to which

the Bank responded by interventions to further reduce

reaction time.

Responsible investments

Alpha Bank’s responsible investment policy is a

means to mitigate non-financial risks related to

environmental and social issues as well as matters of

corporate governance and at the same time expresses

its commitment to the principles of sustainability and

social responsibility. The Bank has prerequisites, in

the context of financing energy projects for example,

requiring submission of an Environmental Impact

Assessment as well as the Approval of Environmental

Terms by the relevant Authorities. Approval of

financing of these projects is only given following

verification that the relevant licenses concerning

environmental terms have been issued. In this

context, Alpha Bank’s Investment Banking Division

evaluated 109 investments (49 for photovoltaic

and 60 for wind parks) that are currently in the

development and licensing phase and proceeded to

preliminary evaluations of three Small Hydroelectric

Stations.



2010

2010

2011

2011

2011

• Transactions and Customers were audited for regulatory compliance in order to combat fraud, money laundering and financial crimes.

• Introduction of new products (“Payment Adjustment Plan” for housing loans, “Alpha Facilitation” and “Alpha Debt Settlement Loan (with mortgage prenotation)” for the settlement of overdue debts) as a response to the negative financial conditions as well as low interest rate products, such as the “Alpha Protection” housing loan.

• Introduction of products entitled “Green Solutions” for the improvement of the energy performance of homes and businesses and for the acquisition of eco-friendly vehicles.

• Implementation of the “Credit Risk Tracker Greece” tool for the facilitation of financing to businesses.

• Further enrichment of the “Bonus” rewards programme.

• Made publicly available through Branches and the website detailed terms and conditions for banking transactions.

• Launch of the Alpha Web Banking application for i-phones.

• Creation of a “Consumer Loans” section on the Bank’s website which allows Customers to submit online applications and utilise payment calculation tools.

• Option provided to send remittances via Alpha Web Banking.

• The number of users increased by 9.5% in 2010.

• 8,306 complaints were resolved with an average response time of 23 days (the same as in 2009).

To continue to monitor all service fees and charges as well as contractual terms in order to ensure continuous transparency and fair pricing for all the Bank’s Customers.

To offer products and services that respond to the needs and expectations of our Customers.

To develop informational and educational material in 2011 on the responsible financial management of banking products and to implement a corresponding educational programme for young people.

To gradually increase the number and type of electronic banking services offered and increase the usage of these services by 20% in the next two years.

To continue to decrease the response time to customer complaints to half of the current level within two years.


Results in 2010



2013

2015

2015

• Participation in the JEREMIE programme for loans to newly-formed Small and Very Small Enterprises and the implementation of their investment and development plans.

• Ergonomic modifications were made at seven additional Branches to facilitate access for individuals with special mobility needs.

• All the Bank’s ATMs offer limited services to individuals with sight disabilities.

To support the EU Micro-finance Facility for business Start-Ups.

To gradually increase the percentage of Alpha Bank Branches that are accessible to individuals with special mobility needs, with the goal that by 2015 the majority of the Bank Branches will be adequately equipped to meet the needs of these individuals.

To ensure that, by 2015, the majority of the Bank’s electronic banking networks are accessible to individuals with sight and/or hearing disabilities.




Alpha Bank Group Volunteer Day in Romania

Together with Our People


Ensuring employment

Alpha Bank constitutes one of the most important

employers in the country, with 7,266 Employees in

Greece and another 6,755 in the other countries where

it is active. In the hostile economic environment of

2010, the Bank proceeded to 181 new recruitments

in Greece, in order to cover a part of its personnel

turnover. The Management’s choice to support

employment in the Group expresses its long-term

commitment to respond with a sense of responsibility

to the expectations of its Employees and of the

society as a whole.

Constant evolution

The continuous training of Personnel is a necessary

precondition in order for the Bank to maintain

its position among the top credit institutions of

the country. The training and development of

Employees constitutes a decisive factor, not only

in order to achieve the Bank’s business goals by

providing quality services, but at the same time

in order to facilitate the personal advancement of

individual Employees.

The Training and Development Division of Alpha

Bank organised, for the first time in 2010, an in-

house master’s programme in financial studies. The

master’s programme was carried out in cooperation

with the National and Kapodistrian University of

Athens and lasted 18 months (12 academic weeks),

a duration equivalent to master’s programmes

abroad (Professional Masters), with professors of

the University of Athens and Executives of the

Alpha Bank Group as instructors. Upon successful

completion of the programme, the 21 participants

who were chosen after an evaluation by a

committee of university professors will receive

the relevant certificates recognised as master’s

degrees by the Bank.

In 2010, as part of Alpha Bank’s commitment to

provide the most modern training possibilities

to its Employees and its effort to reduce the

environmental footprint and cost of training

actions, it increased the proportion of its

Employees participating in e-learning programmes

by 24%. Thus, in spite of a relative decrease

compared to 2009, total training hours and

The Employees of Alpha Bank constitute its most valuable capital, since its growth depends on their capabilities and their participation in the achievement of its goals. Every day, the Employees of the Bank are creating value for the economy, the society, and the Bank itself, by showing dedication and diligence in their pursuit to develop and provide the best financial services possible.The Bank, being a responsible employer, always strives to respond to the expectations of its Employees.As a result, aiming at creating a healthy balance between their professional and personal lives, it constantly takes care of their further training, focuses on their welfare, provides them with equal opportunities, and in general applies a policy for its Human Resources that contributes not only to achieving the Bank’s business goals but also to the establishment of a more meritocratic society.


Equal opportunities in the working environment

For Alpha Bank, providing equal opportunities for

employment and career development to all of its

Employees, regardless of gender, race, religion, age,

disability, and sexual orientation constitutes not

only a legal requirement, but also a cornerstone of

its Human Resources policy, which contributes to

the creation of value for all its Employees, but also

for the Bank itself. This policy has been integrated

within the Human Resources management

procedures and practices and, in every country

where Alpha Bank is present, a special action plan

is implemented for its application. In addition, every

possible effort is made to cover all positions with

skilled staff from the local labour market, while

the selection of new Employees, as well as the

advancement of Executives and the monitoring of

Personnel performance, are conducted at all stages

employing evaluation procedures that ensure equal

treatment and respect for the personality of all

Employees. In 2010, the Bank’s performance in the

field of combating the formation of glass ceilings

among its Personnel showed a significant increase,

since the number of women holding management

positions was 219, compared to 196 in 2009

(an increase of 11%), while for the first time, a

Management Executive position was held by an

Employee belonging to an ethnic minority.

participations amounted to 11,216 in 2010. Out

of these, 11,133 participants, (6,399 women and

4,734 men) belonged to the accounting branch of

the workforce. At the same time, in the context

of the increased demand for Employees who can

adjust to rapid, specialised, and technologically

advanced banking operations, the trend of

increasing the percentage of tertiary education

graduates (graduates of universities, technology

institutes, and holders of master’s degrees)

continued in 2010. Thus, the number of holders

of master’s degrees increased by 9%, while the

respective percentage of compulsory education

(Gymnasium) graduates is declining. For example,

in 2009 Employees with a higher education degree

(universities, technology institutes) represented

50.4% of all Personnel, while in 2010 the

respective percentage was 52.1%.


Health and Safety at Work

Since ensuring conditions of health and safety at work

constitutes a primary concern for the Bank, particular

importance was attached in 2010, as well, to training

Personnel on safety issues and in particular in dealing

with fires, earthquakes, robberies, and hostage

situations. 1,593 Employees took part in these

training programmes, while 263 people participated in

the relevant exercises carried out.

It is noted that in 2010 the working days lost due to

injury and illness were reduced to 44,608, compared

to 50,257 in 2009, while the respective absentee rate

decreased from 2.63% to 2.10%.

Dialogue and Employees’ rights

Collective bargaining and labour union participation

rights are protected by national and international

rules. Alpha Bank, in complete respect for

Employees’ rights, has committed itself to

safeguarding them fully, in accordance with

established national and European laws and the

treaties of the International Labour Organisation.

In 2010, the percentage of Employees who were

members of trade unions amounted to 91.1%,

compared to 84.3% in 2009.

The most representative Employee Association is

informed on issues of interest to it at established

monthly meetings by the Manager of the Human

Resources Division and in exceptional cases by

the General Management, while at the same time it

raises concerns and/or proposals of the Employees.

The most representative Employee Association

participates in the Employee Promotions Committee,

in the Disciplinary Committees (Primary, Secondary,

Higher and Revisory), the Complaints Committee

and the Personnel Housing Loans Committee. The

management and organisation of the Personnel of

Alpha Bank are based on the “Staff Regulations”

and the “Code of Ethics”, which include the

values, guidelines, and requirements in terms of

responsibility and professional behaviour. The

Code of Ethics of Alpha Bank is available on its

website, as well as on the Alpha Bank Intranet,

while the “Staff Regulations”, in which all the rights

and obligations of the Employees are described,

is distributed to all the Bank’s new Employees.

In 2010, the Bank continued the application of

the R.E.A.Ch. - CSR training programme, which

places emphasis on issues that constitute the

basic principles of Corporate Social Responsibility,

inviting everyone to test and develop their

knowledge, to question emerging new conditions

and the importance of CSR in the activity of

a modern business. In 2010, 126 Employees

participated in the specific training programme

during seven meetings that took place at the Bank’s

Training Centre in Aghios Stefanos.

Maintaining open, continuous, and two-way

communication between the Management and the

Employees constitutes a fundamental aspect of the

Bank’s Human Resources policy.

Systematic internal communication aims to keep

the Management informed about the views of the

Employees, to entrench trust, and to ensure the

optimum performance of the Organisation.


Dialogue with the Employees is conducted under

the coordination of the Human Resources Division

and is achieved by means of the following:

• Regular meetings of Executives with Regional

Managers at the local level all over Greece.

• Visits by members of the General Management to

Branches of the Bank all year round.

• National meetings of Group Executives once a

year.

• Meetings between the Management and members

of the most representative Employee Association

of the Bank, with the participation of the latter

in the Employee Promotions Committee, in

the Disciplinary Committees, the Complaints

Committee and the Personnel Housing Loans

Committee.

• Meetings between the Employees and their

Supervisors at regular intervals.

• Direct two-way communication between the

Human Resources Division and the Personnel.

• Operation of the Alpha Bank Intranet for direct

transmission and exchange of information,

knowledge, and e-mail messages.

• The internal corporate information and

communication newsletter called “MAZI”.

In 2010, 18 meetings in total between Employees

and Regional Managers, as well as between

Managers and members of the General Management,

were held.

Care for the Employees’ welfare

Alpha Bank, recognising the importance and the

contribution of its Human Resources to its successful

course, offers its Personnel an additional benefits

and compensation scheme that, for 30.9% of the

Personnel, exceeds the salaries foreseen by the

Collective Labour Agreements. The additional

benefits of the Bank include a series of allowances,

facilities, coverage, and services provided to the

Employees and the members of their families, which

in effect highlight the attention that Alpha Bank pays

to the welfare of its Employees. In this framework,

the amount of Euro 17.6 million for housing loans

at particularly favourable terms addressed to Alpha

Bank Employees was approved in 2010, while as a

provision to Employees whose children are facing

serious health problems, the Bank granted an annual

lump sum of Euro 1,000 as financial support and six

additional days of paid leave.

Balance between personal and professional life

Providing assistance to Employees in order for

them to balance their professional and personal

lives constitutes one of the greatest challenges

that responsible businesses face today. In this

context, and recognising the need for significant

improvements in this field, Alpha Bank engages

in constant efforts to contribute to a healthy

balance between professional obligations and the

personal lives of its Personnel. For this purpose,

facilities are provided such as special maternity

and paternity leave beyond what is established by

law, allowances for pre-school day care, as well as

tickets for cultural events (e.g. plays) and discounts

at selected stores, restaurants, and gyms. In the

same framework, increased use of distance learning

has reduced the need for Employees to commute in

order to participate in training programmes. This is

especially important for those Employees who live

in areas located far from the Bank’s Training Centre

and has thus contributed to making more time

available for their families and other private duties

and occupations.


Additional pension coverage programme

Recognising the uncertainty and constantly

changing conditions in the field of

social security and with the criterion of

safeguarding Personnel whose social security

coverage began after 1 January 1993, the

Bank proceeded in 2010 to develop and

apply a Group Savings Programme for its

Personnel in cooperation with AXA Insurance

S.A. This programme is intended to cover

the income gap upon retirement by paying

out a single lump sum at the end of one’s

professional career.

Psychological empowerment and support programme

The Bank, aiming to provide psychological

support for its Employees who at a given

moment faced difficulties in handling critical

situations in personal, family, and professional

terms, has started to work with experts (a

psychologist and a social worker and therapist),

offering its Employees the possibility of

meeting these experts for advice and support.

This cooperation has contributed effectively

to the support, guidance, and performance of

Employees who are facing problems of this

type.

More Women in Management Positions

In its pursuit to apply gender equality in practice and deal with the low percentage of women in positions

of responsibility which characterises the Greek labour market, Alpha Bank is attempting to provide female

Employees with equal opportunities for advancement through a series of measures that, on the one hand,

favour harmony between professional and personal life and, on the other, ensure equal treatment and

meritocratic advancement of Personnel. In this context, in 2010 the percentage of women in management

positions increased by 11%.



2011 • In 2010, 18 meetings in total between Employees and Regional Managers were held, as well as between Managers and members of the General Management.

Systematic establishment and further expansion within the next two years of a dialogue with our Employees through satisfaction surveys or other focused dialogue actions with the Bank’s Personnel in Greece and abroad.

Deadline StatusMajor Achievements in 2010

Results in 2010

Quantitative Data


Employment Data

Breakdown of Personnel by gender

Breakdown of Personnel by education level

Breakdown of Personnel by geographic region

Number of Employees in Greece 2006 2007 2008 2009 2010Total 6,788 6,960 7,558 7,501 7,266Men 3,407 3,480 3,709 3,656 3,553Women 3,381 3,480 3,849 3,845 3,713Departures (e.g. retirements, contract terminations) 389 244 242 274 416Recruitments 227 413 840 217 181

Gender 18-25 26-40 41-50 51+ Men 36 1,461 1,296 760 3,553Women 145 1,861 1,314 393 3,713TOTAL 181 3,322 2,610 1,153 7,266% 2.49% 45.72% 35.92% 15.87% 100%

Level of Education Personnel Personnel Personnel Personnel Personnel 2006 2007 2008 2009 2010

Master’s Degree, PhD 579 653 838 914 993Tertiary Education(University graduates and graduatesof Technological Educational Institutes) 2,238 2,397 2,861 2,870 2,789Secondary education (Lyceum) graduates 3,501 3,453 3,427 3,319 3,130Compulsory education (Gymnasium) 470 457 432 398 354

Geographic Region Personnel Personnel Personnel Personnel Personnel 2006 2007 2008 2009 2010

Attica 4,341 4,531 4,944 4,885 4,736Rest of Greece 2,441 2,407 2,580 2,580 2,505


Diversity and equal opportunity at the workplace

Collective Labour Agreements – Labour Union Participation

Training Indicators

Diversity Indicators 2006 2007 2008 2009 2010Women Employees 3,381 3,480 3,849 3,845 3,713 49.8% 50% 50.9% 51% 51%Women in managerial positions(from the position of Branch Manager and higher) 132 146 186 196 219Employees belonging to ethnic minorities - - 13 15 14Management Executives belonging to ethnic minorities - - - - 1

2006 2007 2008 2009 2010Number of Employees/members of labour unions 6,527 6,324 6,373 6,321 6,621Percentage of total Employees 96.2% 90.9% 84.3% 84.3% 91.1%

Training Indicators 2007 2008 2009 2010Training Programmes 746 799 676 551Employees who participated in the training programmes 5,068 4,270 4,292 3,636Number of man-hours dedicatedto Personnel training 116,302 145,259 187,548 123,788Average hours of training per Employee 16.71 19.22 25.00 17.33Amount spent on training (in Euros) 2,764,946 4,768,365 4,578,454 3,502,547

People with Special Needs 2006 2007 2008 2009 2010Number of people with special needs working at the Bank 178 174 169 195 193

Gender balance in the Management 2006 2007 2008 2009 2010Women on the Board of Directors 1 1 2 2 2 (7%) (7%) (13.3%) (12.5%) (12.5%)Men on the Board of Directors 13 13 13 14 13 93% 93% 86.7% 87.5% 87.5%Total 14 14 15 16 15

Health and Safety Indicators Health and Safety Number of incidents Days Lost Due to these incidents Indicators 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010

Number of injuries - - - - - - - - - -Fatalities - - - - 1 - - - - 1Occupationalillnesses - - - - - - - - - -Other illnesses(maternity leave not included) 3,766 4,040 4,299 4,571 4,189 41,505 44,543 50,096 50,257 44,608Absentee Ratio (AR) 2.44% 2.52% 2.64% 2.63% 2.10%



Alpha Bank GroupVolunteer Day in Serbia

Together for the Environment*

* This chapter of the CSR Report 2010 is within KPMG’s limited assurance scope (pages 66-67, Assurance Report).


Setting an example

Although the direct impact of its operations is limited

compared to that of other sectors, Alpha Bank has

chosen to monitor and improve its environmental

impact, contributing to the mitigation of climate

change and the protection of natural resources.

Through targeted actions it reduces its consumption

of electrical energy, water and paper throughout

the Branch Network while it also systematically

promotes the recycling of paper, electronic equipment

and consumables. These actions are linked with on-

going employee training and educational programmes

on matters of environmental management in order to

ensure that the Bank’s operations are as eco-friendly

as possible.

Sustainable development

The Bank firmly believes that dealing with

environmental challenges, such as climate

change, requires the contribution of all social and

financial resources, and thus it accepts its share of

responsibility as a corporate citizen and supports

households and businesses in implementing

sustainable lifestyles by offering innovative

financial services for environmental solutions.

Within this context, in 2010 the Bank continued

to expand the range of “green” banking products

it offers, thus creating value not only for its

Customers and Shareholders, but also for future

generations.

At the same time, it continued to support the actions

of a number of environmental groups aimed at

protecting and calling attention to the eco-system.

Green Solutions

In 2010, the Bank launched the “Alpha Green

Solutions” product line aimed at supporting

the financing needs of eco-friendly solutions.

Thus, it created specialised products to

support households (“Alpha Green Solutions

– Energy Saving Home” and “Alpha Green

Solutions – Green Transport”) which focus on

financing the remodelling or refurbishment

of more energy-efficient homes and the

acquisition of fuel efficient vehicles. At the

same time it participates in the programme

of the Ministry of Environment, Energy and

Climate Change entitled “Energy Saving

at Home” as a co-financing bank. For

businesses, Alpha Bank created the product

“Alpha Green Solutions – Eco Business”

which finances the upgrading of the energy

performance of business premises through

building improvements and the purchase and

installation of eco-friendly equipment.

Employee Volunteerism

On Sunday, 14 May 2010 volunteers -

Employees of the Bank, in conjunction with

the Philodassiki Enossi Athinon, organised

a reforestation and tree planting at the

Aesthetic Forest of Mount Hymettus that

had been burned. Alpha Bank volunteers and

their families planted 600 young saplings on

Mount Hymettus.

Care for the environment and the future of our planet constitutes a fundamental value for Alpha Bank. Recognising that economic development and the creation of surplus value are dependent on the viability of the eco-system, the Bank reaffirms its commitment to this value through, on the one hand, the reduction of the negative impacts on the environment created by its own operations and, on the other, through the provision of banking products and solutions which enable its Customers to adopt a sustainable lifestyle.


Ambitious targets and systematic monitoring

Alpha Bank’s business policy is intertwined with

the effort to achieve continuous growth taking into

consideration the harmonious linkage between

financial performance and social and environmental

progress. In this context, care for the environment

is not addressed as an operational cost but, rather,

as a procedure which improves the conditions and

environment in which the Bank operates and expands

the opportunities for long-term financial returns. Its

targets are geared to the continuous and measurable

reduction of its environmental impact, by more

efficiently using natural resources and limiting the

indirect greenhouse gas emissions from the operation

of its Branch Network.

The Bank’s environmental policy is implemented

by the Property Management and Security

Division in collaboration with the Corporate Social

Responsibility Section, in line with the targets set. It

is systematically monitored through the collection

of the relevant data and safeguarded through the

guidance provided by the Executive Committee, which

holds the overall responsibility for the decisions

on environmental issues connected with the Bank’s

operations.

Green Focus Portfolio

In the area of investment products, Alpha

Bank created in 2010 the specialised

Green Focus Portfolio recognising that the

increased need for environmental protection

contributes to the development of a new,

dynamic sector in which companies invest in

renewable energy sources, water resources

as well as waste management. The Portfolio

invests in the respective mutual funds and

Exchange Traded Funds (ETFs). In addition it

also gives Customers the option of investing

in individual products provided by large

international brokers who invest in the

“Green” Market such as Pictet’s “Clean Energy

Fund” and “Water Fund”, BlackRock’s “New

Energy Fund” and Parvest’s “Environmental

Opportunities”.

Our environmental footprint

In 2010 Alpha Bank continued its endeavours to

reduce carbon emissions caused by the energy

consumed for the operation of Buildings and

equipment, as well as for the transportation needs of

Executives. The energy-saving measures it continues

to systematically promote are related to the proper

use of lighting, heating and cooling of its Buildings.

In addition, during the last year the total number of

employee participations in e-learning programmes

increased by 24%.

0.00

0.05

0.10

0.15

0.20

0.25

2006

0,18

0,200,21

CO2 emissions per square metre of office space

0,160,17

2007 2008 2009 2010

CHART: Evolution of CO2 Emissions


Saving energy and water

The consumption of electricity in the Alpha Bank

Network remained at the same levels per square

metre as in 2009 (despite the increase in office space

measured), while at the same time the Bank continued

to replace oil with natural gas for the heating of its

Buildings, thereby achieving environmental benefits.

Specifically, the measured consumption of heating

oil was 115,600 litres in 2009 against 94,600 litres

in 2010, while the measured consumption of natural

gas was 155,960 cubic metres in 2010, against

99,339 cubic metres in 2009. In the coming years,

the Bank plans to replace heating oil with natural gas

in all Buildings where the appropriate infrastructure

is in place. Furthermore, in 2010 efforts continued to

reduce water consumption drawn from public utilities

and its replacement with groundwater for the needs

of the Bank’s Main Buildings. The Bank invests in the

improvement of its infrastructure and the sensitisation

of its Personnel. It is worth noting that the increase in

water consumption from the public utilities network in

2010 was due to the emergency cooling requirements

at the Mandra (Attica) computer centre.

0

50

100

150

200

250

2006

191

214228

Kwh per square metre of office space

187 189

2007 2008 2009 2010

CHART Consumption of electrical energy in Kwh per square metre of office space

Recycling of materials

Within the context of its commitment to the “Reduce

– Reuse – Recycle” model, Alpha Bank continued in

2010 to implement the policy of recycling paper as

well as batteries, toner cartridges, and electronic

equipment. With respect to paper, the Bank has

established a target for 2014 of reducing by 20%

(based on the data of 2009) its consumption for

printing and dispatching informational brochures and

of covering 10% of its needs with recycled paper. In

2010 the Bank continued its efforts in this direction,

collecting and recycling 415 tons of paper. In addition,

in 2010, 7,500 toner cartridges were refurbished

versus 6,068 in 2009, while 2,334 units were

collected and recycled.

Within the context of the Bank’s environmental

protection policy and in keeping with sensitisation

actions geared towards Employees and Customers

related to recycling, Alpha Bank has worked since

February 2008 with the AFIS company which has

placed recycling bins for batteries in all the Bank’s

Branches and Central Units throughout Greece, as well

as in certain Group Companies located in Greece.

The table below highlights selected indicators

concerning the Bank’s reuse and recycling of materials.

• Collection and paper pulping 415 tons• Collection and recycling of toner cartridges 2,334 units• Recycling of office equipment 196 units• Remanufactured toner cartridges used 7,500 units• Recycling of electronic equipment 2,700 units• Collection and recycling of batteries 10,729.61 kg

“Green” supplies

Alpha Bank recognises that meeting environmental

challenges covers the impact of its wider sphere of

influence including the suppliers of the Procurement

Division. Three of the Bank’s largest suppliers are

ISO 14001-certified for environmental management

systems.

The Bank has informed the suppliers of the

Procurement Division of its environmental policy,

encouraging them either to implement it in their

operation or to adopt a specific environmental policy

of their own. In addition, a number of environmental

clauses have been included in the technical

specifications for procurement contract competitive

bidding in order to ensure that suppliers meet a

minimum of environmental standards. The Bank does

not currently engage in formal auditing of suppliers

with respect to environmental performance but

considers performance in this area as an integral part

of their overall performance. Suppliers failing to meet

any of the technical specifications referring more

specifically to the environmental requirements of the

goods or services they have supplied are warned and,

if necessary, replaced by other contractors who are

compliant with the competition’s specifications. This


is, however, a fairly rare occurrence as the Bank’s due

diligence process involved in procurement is designed

to award contracts only to those suppliers who are

capable of consistently meeting the Bank’s stringent

policies and standards.

Environmental action

Alpha Bank also contributes in additional ways

to the promotion of sustainable development.

The two main axes of this additional contribution

pertain to supporting and collaborating with

Societies, Associations and other Organisations

and to promoting employee volunteerism in the

environmental field.

Alpha Bank supports the work of a number of

environmentally-focused Societies, Associations

and other Organisations. Among the most

prominent and long-standing collaborations is

that with the Hellenic Society for the Protection of

Nature through the support of its “Nature without

Waste” programme which continued in 2010.

The “Nature without Waste” programme, which

is implemented with the participation of schools

and local government organisations throughout

Greece, deals with volunteer service, environmental

education, and the promotion of cooperation among

volunteers, schools, local authorities as well as

citizens. Over the past several years, Alpha Bank

has offered financial support to these programmes

while approximately an overall sum of Euro

185,500 was disbursed in 2010 for the support

of environmentally-oriented organisations and

activities.

Since environmental protection is a deeply personal

issue for many, related to life-style choices and

consumer behaviour, Alpha Bank also seeks to

boost the effectiveness of individual efforts to

protect nature and to mitigate the negative human

impact on the planet. Thus, volunteerism among

Alpha Bank Employees and their families and local

communities, is promoted and encouraged both in

Greece and in the International Network. In March

of 2010 Bank volunteers, in conjunction with the

Philodassiki Enossi Athinon, carried out a large

rehabilitation effort in a burned area in the Aesthetic

Forest of Mount Hymettus, while in November,

Bank volunteers participated in the “Olive Picking”

event in the same forest. Finally 1,500 Alpha

Bank Employees and members of their families

participated during the Alpha Bank Volunteer Day,

which takes place every year on the last Sunday

of May, in environmental activities (e.g. cleaning-

up forest roads, footpaths, beaches) in various

regions of Greece and the countries where the Group

conducts business.

“Tourism and agriculture have been traditional

sources of income in Greece. Eumelia, an

organic farm and agro-tourism complex located

in the Peloponnese, was founded as a way of

getting back to basics, something even more

imperative in these tough economic times

when we also face climate change. We use eco-

friendly materials, composting, organic farming

methods, geothermal power and natural waste

management methods, which are among the

first of their kind to be used on this scale in

Southern Greece.

We aim to be innovators in this area, encouraging

others to use protection of the environment as a

comparative advantage to attract tourism revenue

from competing locations in Europe and the wider

Mediterranean region. Eco-friendly growth in our

view just makes plain good business sense.

As a newly-formed, expanding business our need

for working capital and bridge financing is a key to

our success. We approached Alpha Bank seeking

business solutions in a tough economic climate

and found the support we were looking for.

I hope that credit institutions, like Alpha Bank,

will continue to support sustainable businesses

like Eumelia which hopes, in turn, to further

challenge Greek businesses to do the right thing

for the market today and the right thing for

generations to come.”

Frangiskos KarelasEntrepreneur, founder of Eumelia and

Alpha Bank Customer


Targets established in the CSR Report 2009

2014

2010

2014

2010

2011

Creation of the specialised Green Focus Portfolio which invests in companies active in the areas of renewable energy sources, water, waste management and others and in the respective mutual funds and ETFs or in the individual products offered by large international brokers involved in the development of the “Green” market.

100% of A4 photocopy paper used for the Bank’s in-house purposes was recycled paper in 2010. Consumption of paper remained at the same levels as in 2009, i.e. 180,000 reams of 500 sheets. This does not include special paper used for teller - based transactions which is not recyclable. It is technically difficult to calculate the exact amount of paper that the operation of the Bank requires on an aggregate basis.

Efforts have begun to limit printing by informing Employees only to print files which are absolutely necessary, while informational brochures are replaced with brochures dispatched via e-mail for the Customers selecting this option.

5 Alpha Bank Main Buildings turned off their lights on 26 March 2010 to demonstrate support for the “Earth Hour”.

26% of the total number of participants (including those using web training) participated in e-learning in 2010. In 2011 a similarly high rate of participation is expected while, due to technical reasons, the Bank is not expected to achieve the target of increasing this by 50% within 2011.

To develop and offer to the markets in which the Bank operates investment products with reduced environmental and social risks in the next five years.

To expand the use of recycled paper used by the Bank in 2010 to 10% of the total paper used.

To reduce the consumption of paper for printing and dispatching informational brochures by 20% until 2014.

To continue to participate in and support the “Earth Hour” initiative.

To increase within the next two years the percentage of educational e-learning activities compared to the total participation number of Personnel in training and educational programmes by 50%.


Results in 2010



2014

2015

2015

• In 2010, the Bank offered to its Customers a new banking products line entitled “Alpha Green Solutions”, supporting eco-friendly energy or transport saving solutions for households and businesses. The amount of loans for “green” products increased from Euro 5.7 million in 2009 to Euro 9.6 million in 2010.

• Alpha Bank continued to offer the loan for photovoltaic power systems of up to 150 kilowatts, with a loan portfolio of Euro 9.2 million for this specific product.

• Alpha Bank co-financed a Wind Farm with a capacity of 8 MW, which was completed in 2010, and approved loans, which will be disbursed in 2011, for the development of Wind Farms with a total capacity of 96 MW.

• The Bank co-financed a Photovoltaic Park with a power output of 5 MWp, which was completed in 2010.

• Alpha Bank’s Investment Banking Division had completed by 31.12.2010 the financing of Renewable Energy Sources projects totalling the amount of Euro 97 million.

• Alpha Bank Cyprus Ltd signed and joined in March 2010, the Charter of Cypriot Businesses against Climate Change, committed in the systematic measurement of its carbon footprint and in taking measures for the reduction of CO2 emissions.

• A pilot programme was installed in an Alpha Bank Building in order to assess the opportunities for energy saving and its possible installation in other Buildings.

• The decrease in electricity consumption is linked with the increase of the percentage of the Bank’s Buildings in which the overall consumption and the effect of energy savings actions is measured.

Meeting this target has been suspended for the moment due to the continuous changes in the numbers of Employees and Buildings, in which the consumption of water is measured, resulting in non-comparability of the relevant data.

To continue to provide “green” banking products such as “Alpha Energy” and to increase the percentage of credit to eco-friendly investments and activities within the next five years.

To reduce the annual consumption of electricity used per square metre of office space by 2%.

To reduce the consumption of water per Employee by 3% annually.





2011

2012

The Bank has informed the Suppliers of the Procurement Division on its environmental policy, while three of the largest Suppliers are certified according to the ISO 14001 environmental management system.

During 2010, 12 seminars for newly-recruited Employees were organised, all of which included issues of corporate responsibility.

To inform 100% of Suppliers about the Bank’s environmental policies and to monitor and verify compliance for at least 20% of suppliers within the next two years.

To strengthen training on sustainability and corporate responsibility in all training programmes offered to newly-recruited Employees by 2011.




Quantitative Data: Environmental Performance 2006-2010 2006 2007 2008 2009 2010Energy Electricity consumption in MWh1 13,349 17,560 23,737 35,762 39,546Surface area (in m2) of office space for which the Bank measures electricity consumption 69,838 82,035 104,261 191,312 208,183Percentage of total surface area of office space for which the Bank measures electricity consumption 21% 25% 31% 58% 63%Annual electricity consumption in kWh per m2 of office space 191 214 228 187 189Natural gas consumption in m3 1,2675 5,953 32,776 99,339 155,960Annual natural gas consumption in (m3)2 per m2 of office space n/a n/a 0.82 1.53 2.22Relevant surface area in m2 - - 39,974 65,075 70,252Heating oil consumption (in litres) 263,7495 198,013 275,411 115,6005 94,600Annual heating oil consumption (in litres) per m2 of office space 5.02 5.37 2.90 1.96 1.91Relevant surface area in m2 52,564 36,853 94,875 58,976 49,535

EmissionsTotal carbon dioxide emissions in tons3 13,1965 16,0865 22,0265 31,0245 34,367Carbon dioxide emissions in tons per m2 of office space 0.18 0.20 0.21 0.16 0.17

WaterDrinking water consumption from public utility (in m3) 15,360 16,605 31,280 28,6475 38,466Surface area of office space (in m2) for which the Bank measures drinking water consumption 61,043 63,286 86,218 91,800 91,800Percentage of total surface area of office space for which the Bank measures drinking water consumption 19% 20% 27% 28% 28%Utilisation of groundwater (in m3) 13,100 9,785 11,427 12,272 14,738Surface area of office space (in m2) for which the Bank measures groundwater consumption 33,942 33,942 33,942 33,942 55,597

Paper usageTotal paper purchased (in kg) 450,000 383,420 466,840 455,987 450,000

RecyclingTotal copier paper recycled (in kg) 277,088 414,884 672,130 466,000 415,000Recycled copier paper as a percentage of paper purchased4 61.6% 108.2% 144% 102% 92%Total large batteries (from UPS devices) recycled (in kg) 4,523 11,395 11,380 10,150 2,238

1 The Bank measures and records on an annual basis the consumption of electricity, oil, natural gas and water in more offices and Branches each year, covering a greater surface area. In the table above the presented figures for 2010, which relate to measurements that took place in Bank’s Buildings corresponding to 63% of the total surface area of Alpha Bank’s Buildings in Greece.

2 In the CSR Report 2009 the consumption of natural gas per m2 of office space was presented in litres.

3 Except for business travel and transport emissions, which are currently not collected. Conversion factors used: 1 lt of petrol corresponds to 10.8 kWh; 1 cubic metre of natural gas corresponds to 10.6 kWh. The rate of 814 kg of CO2 per MWh comes from the Greenhouse Gas Protocol (www.ghgprotocol.org/calculation-tools) for 2002.

4 The figure for recycling is higher than that of paper purchased due to periodic clearance of archives.

5 These data are different from those in the CSR Report 2009 because they have been recalculated with more advanced estimation methods.


Alpha Bank GroupVolunteer Day in Serbia

Together for the Society


Partnerships and social contribution

Alpha Bank has been supporting financially for a

number of years partnerships and initiatives designed

to address social challenges. Recognising the

value of social capital for its long-term viability and

competitiveness, the Bank finances activities which

respond to social needs and problems requiring

common solutions.

In 2010, building on its track record of previous years,

the social investments of the Bank were directed

to the fields of culture, education, social welfare,

environment, health, and sports. In especially difficult

economic circumstances, and with the intention of

achieving the optimum impact and social benefit from

its contributions, the Bank contributed approximately

Euro 3,600,000, of which Euro 570,000 pertained to

programmes addressed to the fire-stricken populations

of 2007 and the remainder to various initiatives in the

above categories.

Contributions with the participation of Employees

A significant source of the Bank’s social contribution

efforts comes from the involvement of Employees

in activities supported through volunteer work

and collective participation. In 2009 Alpha Bank

established an annual Volunteer Day, in addition

to the various activities it organised during the

course of the year, in which its Employees had the

opportunity to volunteer, thus helping to strengthen

the Bank’s ties with local communities and make

their skills and time available to improve social and

environmental conditions in the countries where the

Bank conducts business.

The role of financial institutions, at least in the last few years, has been to create, inter alia, value for society as well, primarily through the provision of reliable and responsible banking and other financial services, which contribute to economic and social progress and prosperity. Beyond such services, Alpha Bank creates value through its support to broader initiatives which aim at enhancing social coherence and prosperity. In the last few years, the Bank adopted the notion of “smart philanthropy” according to which the same assessment methods and focus on results used for business operations are also applied to sponsorships for social purposes. Taking into account the trust placed in it by Shareholders both large and small, Alpha Bank selects, manages and monitors the impact of its social contribution in a professional manner, especially focusing on its long-term effect on the social capital of the countries where it conducts business.


Support to education and young people

With special emphasis on support to education as the

field which by definition provides long-term and varied

social benefits to society, Alpha Bank offered, in 2010,

grants, in varying amounts, totalling more than Euro

240,000 to schools, universities, musical institutes

and associations of parents and guardians. The sums

donated by Alpha Bank were given for scholarships,

educational infrastructure and libraries and the

organisation of academic and educational activities

involving pupils and students all over Greece. At

the same time the Bank organised its own series of

educational activities for pupils, the most important of

which were:

• The educational exhibitions

“Printmaking and its

Techniques” and “Learning

about Coins” which were

held at the Alpha Bank

Cultural Centre in Nafplio

from 8 February to 30 May

2010 for elementary and

secondary school children.

1,050 children and their

escorts from 17 schools,

mainly in the Peloponnese,

visited these exhibitions.

• Visits by the curator of the Alpha Bank Numismatic

Collection to schools in Athens to present the

programme “Learning about Coins”, following which

all pupils received educational material pertaining to

the history of coins.

• The educational activity, “A

Day at an Ancient Mint” at

the Archaeological Museum

of Ioannina which was held

on 25 September 2010 and

attended by more than 300

children.

Standing by hospitalised children

In 2010 Alpha

Bank continued

to financially

support the

“Clown Doctors”

programme of

the NGO “Open

Arms” which aims

to strengthen

and improve

the conditions

in which

hospitalised

children are cared for in paediatric hospitals.

Through this innovative programme for

hospitalised children, which has been

conducted for many years and with great

results internationally, clowns working with

specialised health and nursing personnel

develop therapeutic strategies using a model

focusing on family.

Supportingacademic research

Recognising the value of scientific analysis

and corroboration of socio-political

challenges and with an aim to highlighting

issues of Greek interest among leading

international academic institutions, Alpha

Bank undertook in 2010 to financially

contribute towards the annual post-doctoral

research on issues related to the political

economy of Southeastern Europe at the

European Studies Centre of St Antony’s

College at Oxford University. In this context

and with the support of Alpha Bank, full

annual scholarships are offered for students

at Oxford to carry out research on issues of

political economy in Greece and the other

countries of Southeastern Europe.


Support to culture and sports

For a number of years, Alpha Bank has demonstrated

in practical terms its interest in Arts and Culture and

has actively participated in cultural life, not just by

supporting but also by organising relevant events

through its Collections. In this context, in addition

to the support given to various cultural associations

and local government organisations, a number of

exhibitions were held in 2010, among the most

prominent of which were:

• The exhibition “Alexander

the Great: From Macedonia

to the Edge of the World”

which was held at the

Archaeological Museum of

Ioannina from 7 May to 31

October 2010. All of the

coins displayed belonged

to the Bank’s Numismatic

Collection. In order to

contribute to the better understanding of the

coins presented and the history of the Macedonian

military leader, the exhibition also included objects

on loan from Ephorates of Prehistoric and Classical

Antiquities.

• The exhibition “FRED BOISSONNAS: Images of Greece”

which was held at the Alpha Bank Cultural Centre

in Nafplio from 15 June to 31 October 2010. The

exhibition was co-organised with the Embassy of

Switzerland and the material showcased belonged to

the Rizarios Foundation and the Benaki Museum. The

photographs presented were taken by the great Swiss

photographer Fred Boissonnas (1858-1946), who

for more than 30 years promoted our country in the

whole world, not just as a photographer but also as a

writer, illustrator and publisher of books about Greece.

In addition, the following exhibitions were organised:

• The exhibition “City Block

19: The presence of Alpha

Bank in the centre of

Athens” was held at the

Exhibition Area of the

Bank’s Main Building from

November 2009 until

June 2010.

• The photographic exhibition of ancient coins from the

Bank’s Collection, entitled “Symbolism and Ideology:

The Human Form in Ancient Coins,” was held at the

National Hellenic Research Foundation from

13-30 April 2010 in the context of the Foundation’s

Educational Events.

• The retrospective exhibition of Daphne Costopoulos

(1937-2000), commemorating the tenth anniversary

of her passing, was held at the Exhibition Area of the

Bank’s Main Building from 23 June until 30 October

2010.

• The exhibition “Alpha Bank/History : Banque de Crédit

Commercial Hellénique 1924-1947” organised by the

Historical Archives Section was held at the Exhibition

Area of the Bank’s Main Building from November 2010

until May 2011.

With regard to sports, Alpha Bank was Grand Sponsor,

for the tenth consecutive year, of the 28th Athens

Classic Marathon, which celebrated the 2,500th

anniversary of the Battle of Marathon. A Group of

Athletes from members of the Bank’s Personnel took

part in the race as well as a Group of Volunteers

who assisted in the organisation of the whole event.

Furthermore, the Bank supported the preparation

effort to conquer the Everest of its Executive Tasia

Iliopoulou, who was the first Greek woman to climb

above 8,000 metres to the peak of Cho Oyu in the

central part of the Himalayan Mountains.

At the same time, for the tenth consecutive year

it continued the “Alpha Bank Sports Panorama”

programme, spreading the joy of sports and giving

participants the chance to try out popular sports and

spectacular activities. In addition to touring Greece the

“Alpha Bank Sports Panorama” also visited Serbia and

Bulgaria, with a month-long tour in four large cities of

these countries.

Support to vulnerable groups

In 2010 Alpha Bank continued the initiative for the

relief of the fire-stricken populations of 2007, donating

the sum of Euro 570,000. At the same time the Bank

supported financially various societies, associations,

foundations and organisations that are dedicated to

attending to vulnerable or socially excluded groups

offering care, training and nursing services. Among the

dozens of organisations supported in 2010 by Alpha

Bank was the Therapeutic Riding Association of Greece,

the Panhellenic Association of Women with Breast Cancer

“Alma Zois - Suzan Comen”, the “Lara” Guide-Dog School

and the Friends of Social Paediatrics - “Open Arms”.


Protection of the environment

As mentioned in previous

sections of the report, Alpha

Bank supports and collaborates

with environmental

organisations to promote

various environmental

activities. In 2010 the Bank

continued its long tradition of supporting selected

activities for the protection and promotion of

the natural ecosystem and for environmental

education and sensitisation. One of the most

characteristic activities of this type was the support

of the “Eco-Schools” programme, in collaboration

with the Hellenic Society for the Protection of

Nature, which during the school year 2009-2010

involved 166 schools from all over Greece. The

programme aims at changing behaviour within

the school community, in order to make each

participating school an “Eco-School” in substance

by applying rules of environmental behaviour and

by implementing an action plan for the surrounding

area of the school.

Alpha Bank Group Volunteer Day

8 Countries, 1,500 volunteers together, transform the vision into action!

With the goal of further sensitising the human

resources of the Group on social and environmental

issues and as part of the Corporate Social

Responsibility of Alpha Bank, the last Sunday

of May in each year has been established as the

“ALPHA BANK GROUP VOLUNTEER DAY”. On 30 May

2010, volunteer groups comprising members of the

Personnel and their families carried out actions of

a social or environmental nature in Greece, Cyprus,

Romania, Bulgaria, Serbia, Ukraine, Albania and

F.Y.R.O.M., promoting in this way teamwork and

cooperation.

In Greece, three initiatives took place with the

participation of approximately 250 people.

Specifically, in Attica, the volunteers along with

their families cleaned the botanical path in the area

of the Aesthetic Park of Kessariani, from Kessariani

Monastery until the Taxiarhes Hill. After the cleaning,

a guided tour of the Monastery was conducted.

In Thessaloniki, a cleanup of the Peraia Beach in the

Thermaikos Municipality took place, while in Patra,

approximately 100 volunteers undertook to clean up

the Aktaios Beach in the Rio Municipality.

In Cyprus, a Pancyprian Volunteer Public Park

Cleanup was organised per region. There was a

great turnout of volunteer Employees of the Bank

along with members of their families. In total, 240

volunteers took part in the initiative, undertaking

the cleanup of part of the Athalassa National Park in

Nicosia, Rizoelia National Park in Larnaca, part of the

Molos Promenade in Limassol and the Ahmed Rashid

Park in Paphos.

In Romania, 140 volunteers from the Bank Personnel

participated, along with their families, in the

Volunteer Day which took place in the Botanical

Garden in Bucharest. Specifically, the volunteers

undertook to clean and embellish the Garden with

additional plants, while at the same time they

painted the benches and the fences thus contributing

to the aesthetic improvement of the Botanical

Garden.

In Bulgaria, 206 volunteers participated in the

Volunteer Day in activities in Sofia, Varna, and

Plovdiv. Specifically, in Sofia a team of volunteers

painted and renovated the classrooms of the First

Special School of the capital for children with

mental problems. The goal of the volunteers was the

creation of a more pleasant teaching environment

for the children. The second team carried out the

cleanup of the area around the “Kambanite” historical

monument. In Varna, the Bank volunteers contributed

to the embellishment of the “Sevastopol” garden,

while the Bank Employees from the city of Plovdiv

cleaned the area on Bunarjik hill. At the end of the

Day, 500 kilogrammes of waste were collected and

transported from the three cities. The enthusiasm,

teamwork, and cooperation of the volunteers

contributed to the success of the Volunteer Day,

which was organised for the second consecutive year

in Bulgaria.

In Serbia, 467 volunteers of Alpha Bank Srbija, with a

firm belief in volunteerism undertook the renovation

and painting of the yards of 20 schools, in cities of

Serbia. The volunteers, with particular enthusiasm,

cleaned the external premises and planted trees. Thanks

to the good disposition of the volunteers and the

excellent organisation, 20 schoolyards changed look.


Transparency of social contribution

As mentioned above, Alpha Bank seeks to maximise

the benefits to society of its social contributions.

At a time of adverse financial circumstances, and

increasing demands for value-for-money in all areas

of operations, the Bank implements a transparent

process for selecting and assessing its charitable

donations and social contributions. In this spirit,

Alpha Bank has developed and implemented an

innovative internal evaluation system to screen and

approve requests for collaborations and sponsorship

project proposals based on objective criteria

(financial, social and environmental) that can be

verified by specific measurements.

In 2010, a total of 709 sponsorship applications

from Greece were received and assessed according

to this evaluation system. Among these, 350 were

applications by Societies-Associations and Other

Organisations. From these applications and based

on the results of the evaluation and the economic

capabilities, 42 were finally approved, 35 of which

were applications by Societies-Associations and

Other Organisations.

In the Ukraine, the “Alpha Bank Group Volunteer Day”

was organised for the first time with the participation

of 30 volunteers, who with particular enthusiasm

undertook to embellish and to place plants in a

public park, in the city of Kiev.

In Albania, in the context of the “Alpha Bank Group

Volunteer Day”, which was realised for the second

year, the Employees of the Branches of the Bank

visited three “Children’s Homes” in Tirana, Shkodra

and Vlora. During their visit, the volunteers offered

presents to the children, while they also had the

opportunity to play with them. All the volunteers

congratulated the children’s teachers for the valuable

work they perform.

In F.Y.R.O.M., two different events for the Volunteer

Day were organised, with the participation of 140

volunteers. In Skopje, the Employees of the Bank

along with their families visited the SOS Children’s

Village and donated air conditioners to different

houses of the Village, in order to improve the quality

of life of the children who live there. In addition,

groups of volunteers were formed, some of which

undertook to paint the fences of the village, while

others participated in athletic and social events. At

the same time, in 14 other cities where Alpha Bank

Skopje has a presence, Bank Employees donated

computers to socially deprived families, whose

children attend school. Many of the volunteers

visited these families themselves and had the

opportunity not just to offer the computers but also

to talk with, and meet, the children and their parents.

The active participation of all constitutes a valuable

contribution to Alpha Bank’s effort for a better world.

The sensitisation in similar actions reflects the social

responsibility policy that is implemented in the

Group and promotes teamwork and cooperation.

“We would like to warmly thank Alpha Bank

for the donation in kind which was provided

to us. We were particularly moved by its

initiative to offer to our Foundation food

supplies that came from voluntary activities

of Alpha Bank’s Employees, presenting

an example of environmental and social

awareness for our children. The practical

support of Alpha Bank to our children, gives

us hope that in this difficult period for the

Foundation due to the economic crisis and the

heavy taxation imposed on it, we will advance

with real friends on our side who recognize

our important social work.”

Michael StroumboulisPresident of the Hatzikyriakeio Foundation

of Child Protection


Each year the Bank aids the Cyprus Kidney Association in organising an awareness programme called “Information and Prevention Week”. For a whole week each year, the Bank’s Personnel participates in the organisation of a roadside fund collection with the aim of raising money to support the Association.

Alpha Bank Romania supported the initiative of the Verde Crud Foundation in developing special workshops and programmes dedicated to the environmental education of children. The Eco Revolution Project consisted of viewing four documentaries, followed by discussions with the children. Children were encouraged to proactively engage in recycling, tree planting and to adopt a more sensitised lifestyle or attitude towards the environment.

The “Alpha Bank Sports Panorama” was launched on 28 May 2010 in Sofia and continued in the country for four consecutive weekends until 20 June 2010, attracting thousands of men, women and children interested in participating in, and learning about, the sports presented.

For the second year running, Alpha Bank continued to contribute to the national programme “Serbia against cancer” through the Alpha Bank Srbija credit cards. Namely, each time the cards are used, the Bank donates a certain percentage exclusively from its own funds. Furthermore, a special card has been created in cooperation with the Ministry of Health by which the Bank will be constantly and actively making contributions to the National Fund for breast cancer prevention.

ASTRA Bank supported the orphanage in Pereyasliv – Khmelnytskyj. Medicine, toys, stationery and office supplies were provided. The Bank also organised children visits to performances in the Kiev dolphinarium. ASTRA Bank also sponsored the indoor soccer tournament of the teams of eight orphanages of the Ukraine, which was held on 2-3 October 2010.

Alpha Bank supported the victims of the floods in Fieri, Lushnja, Korca and particularly in Shkodra.

– Euro 10,000 donated

– All Employees (755) of Alpha Bank Cyprus participated

– 3,000 pupils participated

– 30 events organised throughout the school year

– 4 documentaries presented

– Approximately Euro 70,000 was donated to the Fund.

– With this money four cancer institutes in Belgrade, Kladovo, Kragujevac and Niš bought medical equipment for the early diagnosis of breast cancer.

In total 30 children of the orphanage in Pereyasliv – Khmelnytskyj benefited from the support of ASTRA Bank.

Euro 20,000 donation

Cyprus

Romania

Bulgaria

Serbia

Ukraine

Albania

Indicative Activity Quantitative Data

Social Investments in the International Network



2010

2010

2011

2012

2012

Alpha Bank offered Euro 3,600,000 for social contributions.

The Bank contributed Euro 271,795 to cultural activities and to societies, associations and local authorities for the support of cultural events. Alpha Bank organised eight exhibitions in Athens, Nafplio and Ioannina and relevant educational activities for pupils. More than 15,000 people visited the exhibitions.

In the main site of Alpha Bank a special section entitled “Social Responsibility” was developed. The contents of this section were enriched with the overall information on the social, environmental and corporate governance performance of Alpha Bank.

A study is already being conducted, identifying appropriate indicators for measuring social and environmental impact according to internationally recognised standards and methodologies.

On 30 May 2010 the Alpha Bank Group Volunteer Day took place in eight countries with the participation of 1,500 people.

To continue to allocate part of the Bank’s profits for social contributions.

To continue to expand our support of culture, aimed at highlighting the historical and cultural identity of the country and promoting the diffusion of Greek culture.

To launch within the next two years a new website for Alpha Bank’s corporate responsibility and sustainability.

To introduce a comprehensive, standardised system to record and monitor all the non-financial impacts of the Bank’s operations in Greece and the International Network according to specific key performance indicators (KPIs).

To increase the percentage of Bank Employees who participate in the Alpha Bank Group Volunteer Day.


Results in 2010


Alpha Bank A.D. Skopje supported financially the organisation “Poraka Negotino”, aimed at helping the mentally disabled. The funds were donated to build a gazebo for outdoor recreation of the beneficiaries of the Protection Centre operated by the organisation. It should be noted that the Negotino region, where an Alpha Bank A.D. Skopje Branch operates, is one of the areas in the country in which harsh economic conditions prevail.

Euro 3,000 donation.F.Y.R.O.M.

Indicative Activity Quantitative Data


This Corporate Social Responsibility (CSR) Report was

prepared according to the internationally recognised

AccountAbility Assurance Standard, - 1000 2008

(www.accountability21.net) and the Global Reporting

Initiative - GRI (www.globalreporting.org) upon the

foundations of the AA1000 standard principles of

Inclusivity, Materiality and Responsiveness.

In this context the expectations of the Bank’s

stakeholders were a key factor for the identification

of the challenges faced by Alpha Bank in the areas

of sustainability and responsibility. The selection

of topics considered most important with respect

to the Bank’s operations was made by taking these

expectations into consideration, as well as according

to an internal hierarchy of risks related to issues of

responsibility.

For the second consecutive year, the CSR Report

utilised the GRI’s Financial Services Sector

Supplement, the most specialised standard for the

contents of reports for companies in the banking

sector.

Information contained in Alpha Bank’s CSR Report

2010 refers to data and events concerning its

operations during the previous year in Greece, unless

otherwise indicated. There have been no significant

changes in the boundaries or the reference context

with respect to last year’s CSR Report. The annual

CSR Report presents information and quantitative

data considered to be material, while further data on

specialised issues of interest to analysts and other

stakeholders are presented in detail on the Bank’s

website (www.alpha.gr).

Preparation of this report was conducted by a

special team of Executives from various Bank Units,

coordinated by the Corporate Social Responsibility

Section. It was drafted with the participation

of the communications consultants Palladian

Communication Specialists (www.palladian.gr)

and the strategy consultants Institute of Social

Innovation (www.csrservices.gr), while the editing

was carried out by the Communication Section of the

Public Relations of the Bank.

The limited assurance of the chapter “Together

for the Environment” of the Alpha Bank Corporate

Social Responsibility Report 2010, was assigned to

KPMG Advisors A.E., a Greek Société Anonyme and

a member firm of the KPMG network of independent

member firms affiliated with KPMG International

Cooperative (“KPMG International”), a Swiss legal

entity. Information regarding KPMG’s work as well

as the relevant Assurance Report can be found in the

last pages of the CSR Report 2010.

Interested parties may direct their questions,

comments and suggestions regarding Alpha Bank’s

CSR Report 2010 as follows:

Corporate Social Responsibility Section

Alpha Bank

40 Stadiou St., GR-102 52 Athens

Tel.: 0030 210 326 2431

Fax: 0030 210 326 2439

E-mail: [email protected]

Corporate Social Responsibility Report Methodology


We were engaged by the Board of Directors of Alpha

Bank . . (referred to as “the Bank”) to provide

limited assurance on the chapter “Together for

the Environment” in pages 47 to 55 of the Greek

version of the sustainability report titled “Corporate

Social Responsibility Report 2010” (referred to as

“the Report”) of the Bank for the reporting period 1

January 2010 - 31 December 2010.

Management is responsible for the preparation and

presentation of the Report in accordance with the

Sustainability Reporting Guidelines (G3) of the

Global Reporting Initiative (referred to as “GRI”)

as described in the Report, and the information

and assertions contained within it; for determining

the Bank’s objectives in respect to sustainable

development performance and reporting, including

the identification of stakeholders and material issues;

and for establishing and maintaining appropriate

performance management and internal control

systems from which the reported performance

information is derived.

Our responsibility is to carry out a limited assurance

engagement on the information of the Report’s

chapter “Together for the Environment” referring to

the period 1 January 2010 - 31 December 2010 and

to express a conclusion based on the work performed.

We conducted our engagement in accordance with

International Standard on Assurance Engagements

(ISAE) 3000, Assurance Engagements other than

Audits or Reviews of Historical Financial Information,

issued by the International Auditing and Assurance

Standards Board. That Standard requires that

we comply with applicable ethical requirements,

including independence requirements, and that we

plan and perform the engagement to obtain limited

assurance about whether the information of the

Report’s chapter “Together for the Environment”

referring to the period 1 January 2010 - 31 December

2010 is free from material misstatement.

A limited assurance engagement on a sustainability

report consists of making inquiries, primarily of

persons responsible for the preparation of information

presented in the sustainability report, and applying

analytical and other evidence gathering procedures,

as appropriate. These procedures included:

• Inquiries of Management to gain an understanding

of the Bank’s processes for determining the material

issues for its key stakeholder groups.

• Interviews with relevant managerial staff at Bank

level concerning sustainability policies for material

issues, and the implementation of these across the

business.

• Interviews with relevant Bank staff responsible for

providing the information in the chapter “Together for

the Environment” of the Report, during which we also

reviewed the systems and processes for information

management, internal control and processing of

the qualitative and quantitative information for the

specific chapter of the Report, at Bank level.

• Visits to the central offices of the Bank in Athens,

where we reviewed the procedures of developing

and managing the content of the chapter “Together

for the Environment” of the Report, as well as the

current structure of the Corporate Governance in

sustainability issues.

• Comparing the information presented in the chapter

“Together for the Environment” of the Report to

corresponding information in the relevant underlying

sources to determine whether all the relevant

information contained in such underlying sources

has been included in the specific chapter of the

Report.

• Reading the information presented in the chapter

“Together for the Environment” of the Report to

determine whether it is in line with our overall

knowledge of, and experience with, the sustainability

performance of the Bank.

The extent of evidence gathering procedures performed

in a limited assurance engagement is less than that for

a reasonable assurance engagement, and therefore a

lower level of assurance is provided.

Based on the procedures performed, as described above,

nothing has come to our attention that causes us to

Independent Limited Assurance Reportto Alpha Bank . .


believe that the chapter “Together for the Environment”

of the Report of Alpha Bank A.E. for the period

1 January 2010 - 31 December 2010 is not, presented

fairly, in all material respects, in accordance with the

Sustainability Reporting Guidelines (G3) of the Global

Reporting Initiative.

Our assurance report is made solely to the Bank in

accordance with the terms of our engagement. Our work

has been undertaken so that we might state to the Bank

those matters we have been engaged to state in this

assurance report and for no other purpose. We do not

accept or assume responsibility to anyone other than

Alpha Bank A.E. for our work, for this assurance report,

or for the conclusions we have reached.

KPMG Advisors A.E.

George Raounas Partner

Athens, 30 May 2011


GRI Application Level Check Statement


GRI Disclosure

This Corporate Social Responsibility (CSR) Report was prepared according to the Global Reporting Initiative (G3)

Indicator protocols and it's Financial Services Sector Supplement. The CSR Report was checked by GRI and was found

to fulfil the requirement to be Application Level B+. In the following table references are made to the current CSR

Report, the Annual Report for 2010, Alpha Bank’s web site, and some other official and publicized documents (e.g.

articles of incorporation, code of conduct for personnel, weekly bulletin of economic activities). Certain fields are not

reported because they are either not applicable to the financial services sector, or the relevant data is not collected and

available in the format of the GRI.

Where to find the information GRI (page number), additionalCode Description of Indicator notes and comments

Strategy and Profile

1.1 Statement from the most senior decision-maker p. 5, p. 8-13 of the Organisation.

1.2 Description of key impacts, risks, and opportunities. p. 8, 10, p. 59-69

Organisational Profile

2.1 Name of the Organisation. Alpha Bank

2.2 Primary brands, products, and/or services. Banking and Financial Services, p. 23-49

2.3 Operational structure of the Organisation, p. 12 p. 77-87 including main divisions, operating companies, subsidiaries, and joint ventures.

2.4 Location of Organisation's headquarters. p. 5, 40 Stadiou St., GR-102 52, Athens

2.5 Number of countries where the Organisation operates, and names p. 18 of countries with either major operations or that are specifically relevant to the sustainability issues covered in the Report.

2.6 Nature of ownership and legal form. Société Anonyme, p. 5-7

2.7 Markets served (including geographic breakdown, p. 18, p. 5 sectors served, and types of Customers/Beneficiaries).

2.8 Scale of the reporting Organisation. p. 6

2.9 Significant changes during the reporting period No significant changes. regarding size, structure, or ownership.

2.10 Awards received in the reporting period. p. 11

Business Review Alpha Bank 2010 http://www.alpha.gr/csr



Report Parameters

3.1 Reporting period (e.g. fiscal/calendar year) for information provided. 1.1.2010 – 31.12.2010

3.2 Date of most recent previous Report (if any). 22.6.2010

3.3 Reporting cycle (annual, biennial, etc.). Annual

3.4 Contact point for questions regarding p. 65 the Report or its contents.

3.5 Process for defining report content. p. 65

3.6 Boundary of the Report. p. 65

3.7 State any specific limitations on the scope or boundary of the Report. p. 65

3.8 Basis for reporting on joint ventures, subsidiaries, p. 65 leased facilities, outsourced operations, and other entities.

3.9 Data measurement techniques and the bases of calculations. Tables and quantitative data p. 24, 34-35, 43-44, 52-55, 63-64, 66

3.10 Explanation of the effect of any re-statements of information Footnotes in the tables provided in earlier Reports, and the reasons for such re-statement. and references within the text of the CR Report.

3.11 Significant changes from previous reporting periods in the scope, p. 55 boundary, or measurement methods applied in the Report.

3.12 Table identifying the location of the Standard Disclosures in the Report. p. 69 - 76

3.13 Policy and current practice with regard to seeking p. 66 external assurance for the Report.

Governance, Commitments and Engagement

4.1 Governance structure of the Organisation. p. 86-87

4.2 Indicate whether the Chair of the highest governance body The Chairman of the Board is also an Executive Officer. is an Executive Member.

4.3 For organisations that have a unitary board structure, p. 78 state the number of members of the highest governance body that are independent and/or non-executive members.

4.4 Mechanisms for Shareholders and Employees to provide p. 17-18 recommendations or direction to the highest governance body.

4.5 Linkage between compensation for members of the highest p. 78. “The level of remuneration governance body, Senior Managers, and Executives. for Executive Members of the Board of Directors and Members of the Executive Committee, is in line with the level of

remuneration for the Governor of the Bank of Greece for the entire period that the Bank remains subject to the provisions of Articles 1 and 2 of Law 3723/2008”.

4.6 Processes in place for the highest governance body p. 78 to ensure conflicts of interest are avoided.

4.7 Process for determining the qualifications and expertise of the p. 78. The process is determined members of the highest governance body for guiding the in Alpha Bank's Articles of organisation's strategy on economic, environmental, and social topics. Incorporation and Law 3016/2002 on corporate governance.

4.8 Internally developed statements of mission or values, codes p. 5, 8, 10, 22, 24, 28, 34-35, 38, of conduct, and principles relevant to economic, environmental, 43, 58, 64 and social performance and the status of their implementation.

4.9 Procedures of the highest Governance Body for overseeing p. 12 the Organisation's identification and management of economic, environmental, and social performance, including relevant risks and opportunities, and adherence or compliance with internationally agreed standards, codes of conduct, and principles.



4.10 Processes for evaluating the highest Governance Articles of incorporation Body's own performance, particularly with respect to economic, environmental, and social performance.

4.11 Explanation of whether and how the precautionary p. 8, 11 approach or principle is addressed by the Organisation.

4.12 Externally developed economic, environmental, p. 11 and social charters, principles, or other initiatives to which the Organisation subscribes or endorses.

4.13 Memberships in associations (such as industry associations). p. 11

4.14 List of stakeholder groups engaged by the Organisation. p. 16

4.15 Basis for identification and selection p. 16 of stakeholders with whom to engage.

4.16 Approaches to stakeholder engagements. p. 17-18, 32, 41

4.17 Key topics and concerns that have been raised through stakeholder p.17-18, 28 engagement, and how the Organisation has responded to those key topics and concerns, including through its reporting.

Economic

EC1 Direct economic value generated and distributed, p. 6, 92-95 including revenues, operating costs, employee compensation,

donations and other community investments, retainedearnings, and payments to capital providers and governments.

EC2 Financial implications and other risks and opportunities p. 33, 48-50 for the Organisation's activities due to climate change.

EC3 Coverage of the Organisation's defined benefit plan obligations. p. 70

EC4 Significant financial assistance received from government. p. 74, Alpha Bank alongside most Greek banks participated in the Liquidity Support Plan through the provision of state guarantees for financing from the European Central Bank (ECB). These guarantees do not burden the state budget and are used only for issuing bonds guaranteed by the Greek government and deposited to the European Central Bank as collateral for providing funding to Greek banks (Weekly Bulletin of Economic Developments 31.3.2010, Alpha Bank).

EC5 Range of ratios of standard entry level wage compared No reference. to local minimum wage at significant locations of operation.

EC6 Policy, practices, and proportion of spending on locally-based The relevant are not collected. suppliers at significant locations of operation.

EC7 Procedures for local hiring and proportion of Senior Management Partial reference p. 38 hired from the local community at significant locations of operation. Personnel needs are covered through

recruitments from the local labour market, either by searching suitable candidates in the Bank’s registry of CVs, or by publishing recruitment advertisements in the local press. Executive positions are covered through internal shifts.

EC8 Development and impact of infrastructure investments p. 22, 30, 33, 58, 61 and services provided primarily for public benefit through commercial, in-kind, or pro bono engagement.

EC9 Understanding and describing significant indirect economic impacts, p. 22-23 including the extent of impacts.



Society

SO1 Nature, scope, and effectiveness of any programmes and practices p. 58-62 that assess and manage the impacts of operations on communities, including entering, operating, and exiting.

SO2 Percentage and total number of Business Units Partial reference p.33, with regard analysed for risks related to corruption. to the continuation in 2010 of auditing

processes for compliance to the regulatory framework, to combat fraud, money laundering and financial crime.

SO3 Percentage of Employees trained in Organisation's No reference. anti-corruption policies and procedures.

SO4 Actions taken in response to incidents of corruption. No reference.

SO5 Public policy positions and participation p. 18, 22 in public policy development and lobbying.

SO6 Total value of financial and in-kind contributions p. 33 to political parties, politicians, and related institutions by country.

SO7 Total number of legal actions for anti-competitive behaviour, No reference. anti-trust, and monopoly practices and their outcomes.

SO8 Monetary value of significant fines and total number of non-monetary p. 33 sanctions for non-compliance with laws and regulations.

Labour Practices and Decent Work

LA1 Total workforce by employment type, employment contract, and region. p. 38, 43,

LA2 Total number and rate of employee turnover p. 43, by age group, gender, and region.

LA3 Benefits provided to full-time Employees that are not provided p. 41, 42 to temporary or part-time Employees, by major operations.

LA4 Percentage of Employees covered by collective bargaining agreements. p. 40

LA5 Minimum notice period(s) regarding significant operational changes, Full compliance with legal framework ncluding whether it is specified in collective agreements. and terms of collective agreements.

LA6 Percentage of total workforce represented in formal joint No reference. management-worker health and safety committees that help monitor and advise on occupational health and safety programmes.

LA7 Rates of injury, occupational diseases, lost days, p. 40, and absenteeism, and number of work-related fatalities by region.

LA8 Education, training, counselling, prevention, and risk-control p. 40, 63 programmes in place to assist workforce members, their families, or community members regarding serious diseases.

LA9 Health and safety topics covered No reference. in formal agreements with trade unions.

LA10 Average hours of training per year per Employee by employee category. p. 44

LA11 Programmes for skills management and lifelong learning p. 38, 44 that support the continued employability of Employees and assist them in managing career endings.

LA12 Percentage of Employees receiving regular performance Performance is assessed and career is and career development reviews. reviewed for the majority of Employees.

LA13 Composition of governance bodies and breakdown of Employees p. 39, 42 p. 78-80 per category according to gender, age group, minority group membership, and other indicators of diversity.

LA14 Ratio of basic salary of men to women by employee category. Basic salary is the same (1/1) for male and female Employees

in all Personnel categories.



Environment

EN1 Materials used by weight or volume. p. 55 with regard to paper

EN2 Percentage of materials used that are recycled input materials. p. 50 with regard to toners

EN3 Direct energy consumption by primary energy source. p. 55, with the exception of fuels for transportation

EN4 Indirect energy consumption by primary source. p. 55

EN5 Energy saved due to conservation and efficiency improvements. p. 53, 55

EN6 Initiatives to provide energy-efficient or p. 50, 52-53 renewable-energy-based products and services, and reductions in energy requirements as a result of these initiatives.

EN7 Initiatives to reduce indirect energy consumption p. 53and reductions achieved.

EN8 Total water withdrawal by source. p. 55

EN9 Water sources significantly affected by withdrawal of water. Not relevant.

EN10 Percentage and total volume of water recycled and reused. No reference.

EN11 Location and size of land owned, leased, managed in, The Bank does not own or manage or adjacent to, protected areas and areas of high any land in such areas. biodiversity value outside protected areas.

EN12 Description of significant impacts of activities, products, Not relevant. and services on biodiversity in protected areas and areas of high biodiversity value outside protected areas.

EN13 Habitats protected or restored. Support to relevant programmes implemented in cooperation with the Hellenic Society for the Protection of Nature.

EN14 Strategies, current actions, and future plans The Bank’s activities and operation for managing impacts on biodiversity. have no impact on biodiversity.

EN15 Number of IUCN Red List species and national conservation Not relevant. list species with habitats in areas affected by operations, by level of extinction risk.

EN16 Total direct and indirect greenhouse gas emissions by weight. p. 55

EN17 Other relevant indirect greenhouse gas emissions by weight. No reference.

EN18 Initiatives to reduce greenhouse gas emissions and reductions achieved. p. 49, 52-53

EN19 Emissions of ozone-depleting substances by weight. No reference.

EN20 NOx, SOx and other significant air emissions by type and weight. Not relevant.

EN21 Total water discharge by quality and destination. Not relevant.

EN22 Total weight of waste by type and disposal method. p. 50, only for recycled waste

EN23 Total number and volume of significant spills. Not relevant.

EN24 Weight of transported, imported, exported, or treated waste deemed Not relevant. hazardous under the terms of the Basel Convention Annex I, II, III, and VIII, and percentage of transported waste shipped internationally.

EN25 Identity, size, protected status, and biodiversity value Not relevant. of water bodies and related habitats significantly affected by the reporting Organisation's discharges of water and runoff.

EN26 Initiatives to mitigate environmental impacts of products p. 33, 48-49, “Green Solutions”, and services, and extent of impact mitigation. Responsible Investments

EN27 Percentage of products sold and their packaging materials Not relevant. that are reclaimed by category.



EN28 Monetary value of significant fines and total number No fines or sanctions for non-compliance of non-monetary sanctions for non-compliance with environmental laws and regulations. with environmental laws and regulations.

EN29 Significant environmental impacts of transporting products No reference. and other goods and materials used for the Organisation's operations, and transporting members of the workforce.

EN30 Total environmental protection expenditures and investments by type. No reference.

Product Responsibility

PR1 Life cycle stages in which health and safety impacts of products and Not relevant. services are assessed for improvement, and percentage of significant products and services categories subject to such procedures.

PR2 Total number of incidents of non-compliance with regulations Not relevant. and voluntary codes concerning health and safety impacts of products and services during their life cycle, by type of outcomes.

PR3 Type of product and service information required Not relevant. by procedures, and percentage of significant products and services subject to such information requirements.

PR4 Total number of incidents of non-compliance with regulations p. 30, 33 and voluntary codes concerning product and service information

and labelling, by type of outcomes.

PR5 Practices related to customer satisfaction, including results p. 28-30 of surveys measuring customer satisfaction.

PR6 Programmes for adherence to laws, standards, p. 31 and voluntary codes related to marketing communications, including advertising, promotion, and sponsorship.

PR7 Total number of incidents of non-compliance with regulations No reference. and voluntary codes concerning marketing communications, including advertising, promotion, and sponsorship by type of outcomes.

PR8 Total number of substantiated complaints regarding breaches No reference. of customer privacy and losses of customer data.

PR9 Monetary value of significant fines for non-compliance p. 33 with laws and regulations concerning the provision and use of products and services.



Financial Services Sector Specific Performance Indicators

FS1 Policies with specific environmental and p. 29, 31-33 social components applied to business lines.

FS2 Procedures for assessing and screening environmental p. 22-23, 31, 33 and social risks in business lines.

FS3 Processes for monitoring clients' implementation of p. 33, p. 60, 64, 67 and compliance with environmental and social requirements included in agreements or transactions.

FS4 Process(es) for improving staff competency p. 29, 40 to implement the environmental and social policies and procedures as applied to business lines.

FS5 Interactions with clients/investees/business partners regarding p. 17-18, 41, 51, 61-62 environmental and social risks and opportunities.

FS6 Percentage of the portfolio for business p. 24-49 lines by specific region, size.

FS7 Monetary value of products and services designed p. 19-20, . 24-25, 28, 29 to deliver a specific social benefit for each business line broken down by purpose.

FS8 Monetary value of products and services designed p. 53 to deliver a specific environmental benefit for each business line broken down by purpose.

FS9 Coverage and frequency of audits to assess implementation p. 30, 33, . 60-65. The Bank of environmental and social policies and risk assessment procedures. implements the process set out

in the Operational Risk Management Policies and Procedures Manual.

FS10 Percentage and number of companies held No reference. in the institution's portfolio with which the reporting Organisation has interacted on environmental or social issues.

FS11 Percentage of assets subject to positive and Partial reference only with regard negative environmental or social screening. to finance of energy projects p.33, 52-53

FS12 Voting policy(ies) applied to environmental or social issues p. 12 for shares over which the reporting Organisation holds the right to vote as a Shareholder or advises on voting.

FS13 Access points in low-populated or economically p. 29 disadvantaged areas by type.

FS14 Initiatives to improve access to financial p. 29, 35 services for disadvantaged people.

FS15 Policies for the fair design and sale of financial products and services. p. 22-23, 32, 34

FS16 Initiatives to enhance financial literacy by type of beneficiary. p. 31, 32, 59



Human Rights

HR1 Percentage and total number of significant investment No reference. agreements that include human rights clauses or that have undergone human rights screening.

HR2 Percentage of significant suppliers and contractors that Partial reference p.18, not quantified. have undergone screening on human rights and actions taken.

HR3 Total hours of employee training on policies and procedures Partial reference p. 40, (not quantified) concerning aspects of human rights that are relevant to operations, based on Alpha Bank’s Code of Ethics. including the percentage of Employees trained.

HR4 Total number of incidents of discrimination and actions taken. No reference.

HR5 Operations identified in which the right to exercise freedom p. 40. The majority of Alpha Bank's of association and collective bargaining may be at significant Employees are members of trade unions risk, and actions taken to support these rights. and are covered by collective agreements.

HR6 Operations identified as having significant risk The competent Division monitors for incidents of child labour, and measures taken the observance of Staff Regulations to contribute to the elimination of child labour. and labour legislation, including ILO’s

Labour Standards and treaties for the prohibition of child labour.

HR7 Operations identified as having significant risk for incidents of forced p.11. The Bank in all operations respects or compulsory labour, and measures to contribute the law and takes into account the to the elimination of forced or compulsory labour. fundamental principles of the Universal

Declaration of Human Rights and Treaties of the International Labour Organisation.

HR8 Percentage of security personnel trained No reference. in the Organisation's policies or procedures concerning aspects of human rights that are relevant to operations.

HR9 Total number of incidents of violations involving rights Not relevant. of indigenous people and actions taken.

Alpha Bank CSR Report 2009 63

Evaluation Form Corporate Social Responsibility Report 2010

YOUR OPINION HELPS US IMPROVE!

We invite you to contribute your views in order to help us improve the Corporate Social Responsibility Report of Alpha

Bank, by completing the questionnaire below:

To which Alpha Bank stakeholder group do you belong?

� Employee

� Shareholder/Investor

� Customer

� Supplier

� Local Community

� Societies-Associations and Other Organisations

� Media

Other: __________________________

What is your overall impression of the CSR Report?

Excellent Good Average PoorBalance between sections � � � �Completeness of quantitative information � � � �Completeness of texts � � � �Intelligibility of texts � � � �Graphic representation � � � �

What is your opinion about the following sections of the CSR Report?

Excellent Good Average PoorTogether in Dialogue and Cooperation � � � �Together in the Economy � � � �Together in the Market � � � �Together with our People � � � �Together for the Environment � � � �Together for the Society � � � �

Are there any sections which, in your opinion, should be developed in more detail?

........................................................................................................................................................................................................

........................................................................................................................................................................................................

Would you like to make any comments or recommend improvements?

........................................................................................................................................................................................................

........................................................................................................................................................................................................

�


Alpha Bank CSR Report 200964

Personal Information (optional):

Name and Surname:........................................................................................................................................................................................................

Company/Organisation:........................................................................................................................................................................................................

Address:........................................................................................................................................................................................................

Tel./Fax:........................................................................................................................................................................................................

E-mail:........................................................................................................................................................................................................

Please return this questionnaire by mail to:

Mrs

Eleftheria Patakaki

Supervisor

Corporate Social Responsibility Section

ALPHA BANK

40 Stadiou St., GR-102 52 Athens

The information in this questionnaire will be used by the Bank for the purposes of evaluating the CSR Report and

carrying out statistical analyses. Personal information is protected in accordance with the provisions of the law on the

protection of personal data.

�



PRINTINGThe Corporate Social Responsibility Report 2010 was printed at the KETHEA SCHEMA+CHROMA,the Graphic Arts Unit of the Therapy Centre for Dependent Individuals to support social reintegration.KETHEA SCHEMA+CHROMA, www.kethea-print.gr, tel.: +30 231 079 7476

Magno coated fine papers manufactured at Sappi’s European mills are made of pulp bleached without the use of chlorine.The wood for this pulp is a renewable resource as it is derived from sustainably-managed forests and plantations.The producing mills are ISO 9001 , ISO 14001, FSC and PEFC Chain-of-Custody certified and EMAS (Eco Management andAudit Scheme) registered and Nordic Svanen approved. Magno is acid free and fully recyclable.

A 201080

40 Stadiou St., GR-102 52 ATHENS

el.: 0030 210 326 0000

Fax: 210 326 5438

Internet: www.alpha.gr

E-mail: [email protected]

40 STADIOU, 102 52 ATHENS, GREECE

ALPHA_NEW COVER ok.indd 102-103 07/07/2011 2:02

Documents

Corporate Social Responsibility Report 2010...Corporate Social Responsibility Report 2010 9 introduced to the market a new series of products entitled “Alpha Green Solutions”,